Bloom Energy rises as Virginia plan backs fuel cell capacity

Bloom Energy stock climbed 5.0% in morning trading on Friday as RBC Capital reiterated its Outperform rating and $335 price target following Virginia's release of its 2026 Energy Plan. The stock has gained more than 219% year-to-date.

The Virginia Energy Plan, released Thursday, introduces a "non-combustion gas resource" category and identifies fuel cells as a preferred technology for near-term grid reliability. The plan calls for deployment of up to 5 GW of such capacity between 2029 and 2035.

RBC Capital said the policy development provides evidence that policymakers are embracing fuel cell technology as an alternative to conventional generation. The firm said the plan could expand Bloom's addressable utility market.

Barclays raised its price target on the shares to $308 from $276 on Thursday, referencing Bloom's acquisition of a second 158,000-square-foot facility in Fremont, California. The facility is expected to nearly double the company's manufacturing capacity.

Morgan Stanley maintains an Overweight stance with a $310 target. Among covering analysts, 15 have buy ratings, 12 have holds, and 2 have sells.

An officer completed a routine RSU-vesting share sale this week through a pre-planned transaction.

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