Bloom Energy Corp. (BE) PT Raised to $22 at Evercore ISI

Evercore ISI analyst James West raised the price target on Bloom Energy Corp. (NYSE: BE) to $22.00 (from $20.00) while maintaining a Outperform rating.

The analyst comments "Robust Outlook. Bloom Energy is executing on an aggressive multiyear growth strategy to aid global decarbonization and deploy both natural gas and hydrogen solutions at scale to capitalize on the rapidly evolving energy mix and the surge underway in power demand due to the themes of the electrification of everything, a renewables deployment super cycle and especially the hyper-scaling of data centers. Bloom’s highly efficient and low-emissions-intensive solid oxide fuel cells are increasingly gaining traction in the market and widely being accepted in the rapidly expanding end markets, including manufacturing, marine, aviation, data centers, BEV charging, green ammonia, steel, e-fuel, CCUS, and methanol. Notably, we view Bloom’s stationary, off-grid hydrogen solutions as an emerging opportunity as interconnection and transmission bottlenecks continue to persist. While solid oxide fuel cell sales and PPAs continue to accelerate this decade, Bloom’s electrolyzer sales are expected to meaningfully drive growth in 2025+. Bloom’s energy servers are fuel-agnostic, and components can be easily interchangeable between the company’s fuel cells and electrolyzers, making scaling easier. Bloom’s robust execution, improving margins and profitability, and solid balance sheet and liquidity, combined with favorable legislation tailwinds, well position the company to capitalize on sustainable growth and rapidly expanding end markets. We continue to rate the shares Outperform."

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