Clean energy company Bloom Energy (NYSE:BE) saw its shares tick up in after-hours trading after it was granted $75 million in tax credits to boost its U.S. manufacturing presence. The firm is particularly focusing on improving its fuel cell and electrolyzer production at its Fremont, California, plant. The grant is part of a larger program by the Biden administration, which is looking to allocate $4 billion toward clean energy manufacturing.
The Fremont facility is important to Bloom’s growth and its contribution to the clean energy job market because it has the capability to produce over one gigawatt per year. According to the company, that’s like adding a nuclear power plant every year. Satish Chitoori, Bloom’s COO, emphasized the importance of the tax credit and said it would cover 30% of the costs associated with the plant’s expansion.
What Is the Target Price for Bloom Energy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on BE stock based on six Buys, eight Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 36% decline in its share price over the past year, the average BE price target of $14.50 per share implies 24.25% upside potential.
