Analysts revise Bloom Energy (BE) stock price targets
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Bloom Energy (NYSE: BE) saw its stock surge nearly 59% on November 15, becoming the top gainer on the NYSE after announcing a major deal with American Electric Power (NASDAQ: AEP) to supply up to 1 gigawatt (GW) of solid oxide fuel cells. The news prompted multiple analysts to revise their price targets, reflecting optimism about Bloom’s growth potential. At the time of writing, Bloom Energy shares were trading at $21.19, reflecting a 44% gain after reaching an intraday high of $22.50, levels not seen in over 20 months. Bloom Energy’s five-day stock price. Source: Finbold Strategic deal highlights The agreement with AEP includes an initial order of 100 megawatts (MW) of fuel cells, with additional orders anticipated in 2025. This partnership builds on Bloom Energy’s ongoing collaboration with AEP, which has focused on deploying solid oxide fuel cells (SOFCs) in commercial and industrial applications. Bloom’s fuel cells, currently powered by natural gas, can transition to hydrogen as it becomes more widely available, offering a pathway for companies to meet their sustainability targets. These SOFCs also boast rapid deployment, high availability, and a power density of 100 MW per acre. The initial installations will address the growing power needs of AI data centers, providing a faster, more efficient alternative to traditional grid upgrades. “These fuel cells will help provide data centers and other large customers with the power they need to quickly expand in our regulated footprint as we continue to build infrastructure to deliver reliable energy for all our customers,” AEP CEO Bill Fehrman said. Analyst reactions and profitability prospects The AEP agreement has prompted several analysts to upgrade their outlook for Bloom Energy. Biju Perincheril of Susquehanna Financial Group raised the target from $16 to $20, describing the agreement as a “massive win” that validates Bloom’s fuel cells…
Filed under: News - @ November 16, 2024 12:27 pm