Gregory Lewis, an analyst from BTIG, reiterated the Buy rating on Bloom Energy (BE – Research Report). The associated price target remains the same with $30.00.
Gregory Lewis has given his Buy rating due to a combination of factors that highlight Bloom Energy’s strong market position and financial performance. The company reported impressive fourth-quarter earnings with revenue significantly surpassing expectations, driven by robust product sales. Additionally, Bloom Energy’s non-GAAP gross margins and adjusted EBITDA were well above consensus estimates, indicating efficient cost management and profitability.
Furthermore, Bloom Energy’s future outlook appears promising with a solid revenue guidance for the fiscal year 2024, projecting substantial growth. The company’s strategic agreements, such as the one with AEP for fuel cells, suggest a potential for significant revenue generation. The qualification of their energy servers for tax credits until 2028 also provides a competitive edge. With a substantial backlog and a valuation that supports future growth, Bloom Energy is well-positioned to capitalize on rising power demand, making it an attractive investment opportunity.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $31.00 price target.
BE’s price has also changed dramatically for the past six months – from $11.770 to $23.040, which is a 95.75% increase.