Bloom Energy Corp shares dropped 9.7% in morning trading Thursday amid sector wide pressures and inflation data that overshadowed recent corporate wins and analyst upgrades.

The stock decline followed Wednesday's September Consumer Price Index report, which showed inflation at 3.7% year-over-year, above the 3.6% consensus estimate. The higher-than-expected reading raised concerns that the Federal Reserve may maintain elevated interest rates for an extended period.

Baird raised its price target on Bloom Energy to $351 from $310 Thursday while keeping an Outperform rating. The firm updated its analysis to examine potential financial impacts at production capacity levels of 6, 8, and 10 gigawatts annually, identifying volume as a primary upside driver.

Roth/MKM raised its price target to $260 from $225 on Monday but maintained a Neutral rating, pointing to valuation and limited transparency as concerns.

Oracle recently confirmed Bloom as the primary power source for a major AI campus. American Electric Power also announced a roughly $4 billion, 702-megawatt Wyoming project using Bloom fuel cells.