UPDATE: Wells Fargo Starts Bloom Energy Corp. (BE) at Overweight
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Wells Fargo analyst Michael Blum initiates coverage on Bloom Energy Corp. (NYSE: BE) with a Overweight rating, PT $43.00.
The analyst comments "We are initiating coverage of Bloom Energy Corp. with an Overweight rating and a price target of $43/share, based on a blend of a three-stage DCF model, a target EV/EBITDA multiple (2025E) of 35x, and a target EV/sales multiple (2022E) of 10x. BE has an established market presence and visible growth trajectory in the fuel-cell stationary power business with multiple avenues for future growth if the company’s hydrogen initiatives achieve commercial success. BE screens attractive relative to peers, trading at a 2022E EV/sales of 4.0x, compared to a median of 26x for the peer group and at 13.6x 2025E EV/EBITDA relative to the peer median of 38x. Our 2021 and 2022 EBITDA estimates are $82.8MM and $121.0MM, respectively."
Shares of Bloom Energy Corp. closed at $24.73 yesterday.
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