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Investing.com - BMO Capital raised its price target on Bloom Energy Corp. (NYSE:BE) to $75.00 from $35.00 on Thursday, while maintaining an Outperform rating on the stock. The new target represents significant upside from the current stock price of $62.96, which has already surged nearly 492% over the past year. According to InvestingPro data, BE is currently trading at premium valuation multiples, suggesting strong market confidence in its growth prospects.
The firm’s decision reflects increased confidence in the long-term demand opportunity for Bloom Energy’s products and services.
BMO Capital noted that near-term growth drivers for Bloom Energy continue to be the company’s time to power advantage and high reliability features.
The new price target represents a multiple of 14 times the firm’s 2028 EV/EBITDA estimate, compared to the previous target which was based on 15 times the 2027 estimate.
According to BMO Capital, management expressed confidence in its ability to continue improving the value proposition of its offerings over the longer term.
In other recent news, Bloom Energy has seen significant developments impacting its financial outlook and leadership structure. RBC Capital has raised its price target for Bloom Energy to $75.00, reflecting confidence in the company’s long-term growth potential in the energy sector. Additionally, Mizuho has increased its price target to $48.00, citing the company’s expansion plans to meet rising data center power demand. Meanwhile, Jefferies has maintained a Hold rating with a $24.00 price target, noting various potential catalysts for the company’s recent stock movement.
In leadership news, Bloom Energy announced the appointment of Aaron Hoover to lead business and corporate development. Hoover, formerly with Morgan Stanley, brings over two decades of experience in energy and finance. Furthermore, Jim Hagemann Snabe has joined Bloom Energy’s Board of Directors, adding his extensive experience in scaling global enterprises. These changes highlight Bloom Energy’s strategic focus on growth and leadership in the energy sector.
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