Citi analyst Vikram Bagri reiterated a Neutral rating and $281.00 price target on Bloom Energy Corp. (NYSE: BE).

Bagri raised his fiscal year 2027 revenue forecast to approximately 20% above consensus, citing growth signals from Bloom Energy's supplier ecosystem and management commentary that backlog growth has continued to outpace revenue growth. He estimates the company's year-end 2026 backlog could approach $12 billion.

"Assuming a revenue conversion rate consistent with this year, FY27 revenue could be materially above consensus expectations," Bagri wrote.

The price target remains unchanged, as the analyst's fiscal year 2030 estimates, which underpin the valuation, are largely unchanged. Bagri noted he awaits a better entry point.

Shares of Bloom Energy closed at $204.02 prior to the note's release.