BMO Capital analyst Christopher Dendrinos reiterated a Market Perform rating and $149.00 price target on Bloom Energy Corp. (NYSE: BE).

The analyst comments "After market close BE announced it's working with ORCL to expand its existing supply agreement from 1.2 GWs to 2.8 GWs over coming years and pushed BE stock price above $200/share after hours (+16%). Announcement is positive as it implies current contracted supply agreement is 20% larger than previously thought and presumably going well. However, after rolling through what max utilization we think BE can offer with expansion to 5 GWs, implies BE stock trading at 38x 2027 EBITDA and 18.2x 2030 in maximum capacity utilization scenario."

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Shares of Bloom Energy Corp. closed at $176.67 yesterday.