The Globe and Mail reports in its Wednesday, April 6, edition that National Bank analyst Rupert Merer has reiterated his "sector perform" call for Next Hydrogen Solutions. The Globe's David Leeder writes in the Eye On Equities column that Mr. Merer cut his share target by $1.50 to $4.50. Analysts on average target the shares at $5.83. Mr. Merer thinks the Mississauga-based company is poised to benefit from commercialization of its systems and delivery to partners in the coming months. Shares of Next Hydrogen have rallied more than $1 since Monday following the release of its fourth quarter financials, which exceeded Mr. Merer's forecast. Mr. Merer, however, calls the results "immaterial" given the company's precommercial stage. Mr. Merer says in a note: "In 2022, Next Hydrogen should see its first revenue from electrolyser sales (NBF estimate $6.9-million), as it plans to demonstrate up to five prototypes this year. However, we anticipate losses for a few more years as it increases investment into product and business development as well as production capacity. ... With $39-million in cash, Next Hydrogen should have sufficient liquidity to fund its path to commercialization for this year."