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Investing.com - Wells Fargo has raised its price target on Bloom Energy Corp. (NYSE:BE) to $65.00 from $38.00 while maintaining an Equal Weight rating, citing accelerating behind-the-meter (BTM) demand driven by artificial intelligence power needs. The company, currently valued at $15.75 billion, is trading near its 52-week high of $68.74, with InvestingPro data indicating an overvalued status at current levels.
The firm estimates 34 GW of potential AI-driven U.S. power demand through 2030 that will likely be met by BTM solutions. Given long wait times for combined cycle gas turbines, Wells Fargo believes simple cycle gas turbines and fuel cells will play a role in supplying BTM projects, with Bloom Energy positioned as the only major U.S. fuel cell provider for BTM.
Bloom Energy’s stock has risen approximately 80% since July 31, 2025, compared to a 10% increase for ICLN and 4% for the S&P 500. Wells Fargo attributes this outperformance to growing market optimism that Bloom Energy can secure significant BTM orders, particularly for data centers.
The firm estimates that Bloom Energy’s current share price reflects 4 GW of data center orders from 2026-2030, up from its previous assumption of 1.3 GW. Wells Fargo has updated its model to reflect this higher level of future orders.
Wells Fargo is raising its 2026 EBITDA estimate to $501 million from $338 million, assuming 4 GW of fuel cell shipments to data centers in 2026-2030. The firm is also increasing its 2026-2031 EBITDA estimates by 25-155% and raising capital expenditure estimates to reflect assumed expansions of manufacturing capacity. According to InvestingPro, the company maintains a healthy financial position with liquid assets exceeding short-term obligations and operates with moderate debt levels. For deeper insights into Bloom Energy’s valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Bloom Energy has seen significant developments that could interest investors. RBC Capital and BMO Capital both raised their price targets for Bloom Energy to $75 from $35, maintaining an Outperform rating, reflecting increased confidence in the company’s long-term growth prospects in the energy sector. Meanwhile, Jefferies maintained a Hold rating with a $24 price target, despite a recent 20% rally in the stock, citing various potential catalysts for the movement. Additionally, Bloom Energy has strengthened its leadership team with the appointment of Aaron Hoover, a seasoned energy banking veteran from Morgan Stanley, as head of business and corporate development. The company also welcomed Jim Hagemann Snabe to its Board of Directors, bringing his extensive experience in global enterprise scaling and digital transformation. These appointments are part of Bloom Energy’s strategic efforts to enhance its leadership and governance. These developments highlight Bloom Energy’s focus on growth and leadership in the evolving energy landscape.
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