TD Cowen analyst Jeff Osborne maintained a Hold rating on Bloom Energy yesterday and set a price target of $20.00.
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Jeff Osborne has given his Hold rating due to a combination of factors related to Bloom Energy’s current market position and future prospects. One of the main reasons for the Hold rating is the uncertainty surrounding customer spending, which was initially expected to be deferred until the ITC reinstatement in 2026. However, Bloom Energy’s management has shown optimism about opportunities in the data center sector, particularly through partnerships with AEP and direct engagements.
Despite some positive developments, such as the reiterated guidance for the year and the introduction of new solutions like load following, there are notable concerns. The lack of detailed information regarding the scope and timing of the Oracle contract announcement contributes to the cautious outlook. Additionally, while Bloom Energy plans to double its capacity by 2026, which indicates confidence in future demand, the execution of this expansion will take several quarters. These mixed signals have led to the decision to maintain a Hold rating on Bloom Energy’s stock.
In another report released yesterday, TR | OpenAI – 4o also downgraded the stock to a Hold with a $41.00 price target.