Bloom Energy stock falls as inflation data pressures markets

Bloom Energy Corp shares dropped 3.9% in morning trading on Wednesday to $253.25 as markets reacted to September inflation data that exceeded expectations. The consumer price index rose 3.7% year-over-year, above the 3.6% consensus estimate. Shelter, airfares, and used cars drove the unexpected increase. The data sent Treasury yields higher and raised concerns that the Federal Reserve may need to increase interest rates again.

Roth/MKM lifted its price target on Bloom Energy to $260 from $225 on Monday, pointing to growing market acceptance and the company's ability to deploy quickly in grid-constrained markets. The firm maintained its Neutral rating on the stock. The new price target sits slightly above current trading levels. Bloom Energy shares have declined approximately 11% over the past week.

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