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Investing.com - UBS has reiterated a Buy rating and $29.00 price target on Bloom Energy Corp . (NYSE:BE), currently trading at $22.57, following the company’s mid-year pulse and industry study on data center power demand. According to InvestingPro data, analyst targets range from $10 to $31.80, reflecting the stock’s notable volatility over the past year.
The study projects that data centers will consume approximately 12% of nationwide electricity demand by 2028, a significant increase from about 4% in 2023. In Virginia, data centers already account for 25% of electricity consumption.
Access to power has become crucial in data center site selection, with 84% of respondents ranking it among their top three considerations. Utility providers are reporting delivery timelines that are typically 1 to 2 years longer than what hyperscalers and colocation developers anticipate.
The growing adoption of artificial intelligence across industries is driving demand for compute power and more advanced data centers. According to the study, median data center size is expected to increase from approximately 175 MW today to about 275 MW in 2030 and 375 MW in 2035.
These larger facilities will likely face greater challenges meeting their power requirements through the grid alone, potentially creating opportunities for alternative energy solutions providers like Bloom Energy.
In other recent news, Bloom Energy Corp. has seen significant developments that could impact its future prospects. UBS has reiterated its Buy rating for Bloom Energy, setting a price target of $29.00, citing a positive growth outlook. The firm expects the company to report second-quarter 2025 sales of $365 million, up from $326 million in the first quarter, with improved profitability projected. RBC Capital has also maintained an Outperform rating, highlighting Bloom Energy’s strategic initiatives to reduce product costs and the increasing demand for electricity as factors supporting its positive outlook.
Additionally, Bloom Energy received regulatory approval for AEP Ohio to deploy its solid oxide fuel generators at Amazon (NASDAQ:AMZN) Web Services and Cologix data centers, which could enhance its market penetration. In corporate governance news, Bloom Energy re-elected three board members during its annual stockholder meeting and ratified Deloitte & Touche LLP as its independent accounting firm for 2025. However, a proposed amendment to the company’s certificate of incorporation did not pass. These developments come amid a broader context of mixed reactions in the renewable energy sector following the advancement of a U.S. Senate tax-and-spending bill.
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