Ballard share surge after price target upgrade

TORONTO, Sept 25 (Reuters) - Shares of hydrogen fuel cell developer Ballard Power Systems rose more than

55 percent on Friday after BMO Nesbit Burns raised its price target for the company.

BMO analyst Brian Piccioni said in a note to clients he sees 'an unusual investment opportunity in Ballard Power,' and raised his price target for the company to $4.00 from $3.00.

Piccioni said the company looked close to completing its transition into the commercial realm and if successful, it would have a very dominant position as a volume supplier of fuel cells for commercial applications.

'We believe this could place the company in a very desirable position and further believe it provides an investment in Ballard with the potential to provide very attractive returns over the coming few years.'

Shares of Ballard were up C$1.11, or 56.6 percent, at C$3.07 on the Toronto Stock Exchange on Friday afternoon. The company's U.S.-traded shares were up $1.02, or 56.7 percent at $2.82 on the Nasdaq.

($1=$1.09 Canadian)

(Reporting by John McCrank) Keywords: BALLARD/SHARES ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.