UBS Reiterates Buy Rating on Bloom Energy Corp. (BE)

UBS analyst Manav Gupta reiterated a Buy rating and $29.00 price target on Bloom Energy Corp. (NYSE: BE).

The analyst commented, "

According to multiple reports, AEP Ohio has received regulatory approval to deploy BE on-site solid oxide fuel generators at Amazon Web Services and Cologix data centers. The Public Utilities Commission of Ohio (PUCO) approved AEP Ohio to build these two large data centers, aiming to meet surging energy demand from tech infrastructure and easing a strained PJM grid. AEP Ohio has already imposed a moratorium on new data centers while it negotiates pricing structures with PUCO. Now that approval has been granted, AWS and Cologix will fully fund the new fuel cell installations (6 year contract with AWS and 15 year contract with Cologix). Amazon's data infrastructure presence in Ohio is already large, with $6B invested from 2018-2023 and another $8B planned by 2029. AEP expects it will take 7-10 years to fully upgrade the transmission network."

"We view this constructively for Bloom Energy. As AWS alongside other big tech names further pursue data center projects, we believe BE will achieve greater market penetration. We still see the need for a lot of nat gas powered demand to support the new data centers that have already been announced and new projects that are currently in the works: BE's time-to-power advantage positions the company well, as seen here with the PJM grid. Working with AEP opens the door to BE working with other utilities too (the deal is not exclusive)," he added.

For an analyst ratings summary and ratings history on Bloom Energy Corp. click here. For more ratings news on Bloom Energy Corp. click here.

Shares of Bloom Energy Corp. closed at $20.41 yesterday.

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