Bloom Energy Corp. (BE) PT Raised to $165 at BTIG

BTIG analyst Gregory Lewis raised the price target on Bloom Energy Corp. (NYSE: BE) to $165.00 (from $145.00) while maintaining a Buy rating.

The analyst comments "BE is flat in after hours trading after reporting 4Q25 earnings (AMC) with Non-GAAP operating income of ~$133M coming ~39% above the Street's estimate, driven by better than expected revenue of ~$778M (~19% above Street). Non-GAAP gross margins improved ~150bps sequentially to ~32%, coming ~50bps below the Street's estimate. Turning to guidance, the midpoint of management's $3.1B-$3.3B revenue range is ~25% above Street and points to ~58% annual revenue growth. BE is leaning on a diverse customer base to scale revenues, with management noting secular demand growth in data centers as well as legacy C&I customers (ranging from telecom to education) and that US states offering a mix of robust gas infrastructure and an amiable legal framework are enjoying the most growth. BE guided to gross margins rising ~200bps sequentially to ~32% (in line with the Street) and Non-GAAP operating income of $425M-$475M (~36% above the Street) as sales growth drives operating expenses to ~15% of sales. Bottom line: Demand for prompt power is broad based and BE is positioned to take advantage thanks to its spare capacity and operating leverage. We reiterate our Buy rating and look for management to action another manufacturing capacity expansion sooner rather than later."

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