Bloom Energy Gets Price Target Boost Post Solid Q2 Results

  • Raymond James analyst Pavel Molchanov raised the price target for Bloom Energy Corp (NYSE: BE) to $29 from $23 while maintaining the Strong Buy ratings on the shares.

  • The analyst mentions that Bloom is a high-beta, aggressive growth idea in a popular but polarizing vertical. He states that Bloom's positioning vis-à-vis energy resilience represents a play on climate adaptation, specifically the growing prevalence of grid outages.

  • KeyBanc analyst Sangita Jain raised the price target for Bloom Energy to $33 (an upside of 12%) from $24 while maintaining the Overweight rating on the shares.

  • The analyst states that BE remains well positioned to gain from the many benefits offered to it by the Inflation Reduction Act.

  • Jain believes that higher power prices make BE's servers competitive in additional markets, and the Hydrogen PTC in the IRA should help to jumpstart hydrogen electrolyzer sales.

  • Susquehanna analyst Biju Perincheril raised the price target on Bloom Energy to $30 (an upside of 2%) from $28 while maintaining the Positive rating on the shares.

  • The analyst stated that Bloom Energy reported solid Q2 results, with higher than expected fuel cell acceptances pushing the top-line beat.

  • The analyst notes that margin pressures have begun to wane, and the company reaffirmed its gross margin guidance.

  • Price Action: BE shares are trading higher by 18.54% at $29.35 on the last check Wednesday.

Latest Ratings for BE

Date

Firm

Action

From

To

Feb 2022

Susquehanna

Upgrades

Neutral

Positive

Feb 2022

B of A Securities

Upgrades

Neutral

Buy

Feb 2022

Raymond James

Maintains

Strong Buy

View More Analyst Ratings for BE

View the Latest Analyst Ratings

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.