** U.S-listed shares of Canadian fuel-cell maker down 6 pct at $2.22; Toronto-listed down 7.4 pct at C$2.36
** Cowen and Company analysts cut price target to $2.75 from $3, citing fall in gross margins in Q4 and "headwinds in telecom backup"
** Ballard reported bigger Q4 loss and lower revenue on Wednesday, hurt by lower-than-expected sales in its telecom backup power business and termination of licensing contracts in China
** Company also warned of some "uptick in cash operating costs in 2015"
** Up to Thursday's close, stock down about 30 pct in the past 12 months