Powell speech takes center stage in Tuesday’s economic events
Investing.com - UBS raised its price target on Bloom Energy Corp. (NYSE:BE) to $105.00 from $41.00 while maintaining a Buy rating. The stock, currently trading at $80.97, has surged over 264% year-to-date, according to InvestingPro data.
The investment firm cited Bloom Energy’s "time to power advantage" as a game changer for the company, particularly in the data center market where power needs are immediate rather than years away. This strategic positioning has contributed to the company’s robust revenue growth of 22.72% over the last twelve months.
UBS identified the scaling up of American Electric Power (AEP) and Oracle orders as near-term catalysts for Bloom Energy’s growth.
The firm expects more utility companies to collaborate with Bloom Energy beyond AEP, noting that Bloom’s fuel cells can be deployed in 3-6 months compared to the industry average deployment time of 4-5 years.
UBS also pointed to the robust backlog of orders for gas turbines and associated delays as factors that could drive more data centers to consider Bloom Energy’s solutions.
In other recent news, Bloom Energy has been the focus of several analyst upgrades, reflecting a positive outlook on its future prospects. Morgan Stanley significantly raised its price target for Bloom Energy to $85 from $44, maintaining an Overweight rating. This decision was influenced by Oracle’s substantial new bookings, which exceeded estimates, and Bloom Energy’s agreement to power Oracle AI data centers with its fuel cells. Similarly, Wells Fargo increased its price target to $65 from $38, citing the accelerating demand for artificial intelligence-driven power needs in the U.S. BMO Capital and RBC Capital both raised their price targets to $75 from $35, maintaining an Outperform rating. These upgrades underscore a growing confidence in Bloom Energy’s long-term demand and growth potential, particularly in the context of AI and energy sector developments.
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