UPDATE: Wells Fargo Starts Bloom Energy Corp. (BE) at Overweight

April 19, 2021 4:10 PM EDT
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Price: $23.23 +4.45%

Rating Summary:
    5 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 38 | Down: 18 | New: 7
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(Updated - April 19, 2021 4:28 PM EDT)

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."

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 $24.73 yesterday.


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