Bloom Energy (BE) stock rallied on Tuesday after the energy company received several price target increases from analysts. Analysts were driven to increase their price targets for BE stock after the company reached an agreement with Oracle (ORCL) to sell the cloud company more energy for its data centers.
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Forget margin or options. Here's how the pros trade BEHere is a quick breakdown of the biggest recent analyst price target increases for Bloom Energy stock:
- BMO Capital analyst Ameet Thakkar raised his price target to $176.67 from $149, representing a potential 16.25% downside for the shares. The analyst also reiterated a Hold rating for BE stock.
- Five-star Roth MKM analyst Chip Moore increased his price target to $155 from $133, suggesting a possible 26.52% downside for the shares. The analyst also maintained a Hold rating for the stock.
- Five-star J.P. Morgan analyst Mark Strouse boosted his price target to $231 from $166, implying a potential 9.5% upside for the shares. He also assigned BE stock a Buy rating.
- Clear Street analyst Tim Moore CFA raised his price target to $155 from $130, representing a possible 26.52% downside for the shares. The analyst kept a Hold rating for the stock.
- Four-star Evercore ISI analyst Nicholas Amicucci stuck with a $179 price target, suggesting a potential 15.15% downside. The analyst also reiterated a Buy rating for BE stock.
Strouse, who now has the highest price target for BE stock among his colleagues, pointed to the deal with Oracle as the reason for the increased price target. The analyst said it was an “additional stamp of approval” for the shares.
Bloom Energy Stock Movement Today
Bloom Energy stock was up 22.94% on Tuesday, extending a 149.97% rally year-to-date. The shares have also increased 864.88% over the past 12 months.
Today’s news also spurred heavy trading of BE stock, as more than 12 million shares changed hands. For comparison, the company’s three-month average daily trading volume is about 9.62 million shares.
Is Bloom Energy Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Bloom Energy is Moderate Buy, based on eight Buy, 10 Hold, and a single Sell rating over the past three months. With that comes an average BE stock price target of $159.82, representing a potential 26.57% upside for the shares.
