HSBC downgraded Bloom Energy (BE) to Hold from Buy with a price target of $100, up from $44. The firm sees upside in Bloom shares and expects consensus estimates to revise higher. However, the firm awaits a better entry point for the shares. It cites valuation for the downgrade. The analyst is optimistic that a new cycle has begun for the U.S. clean tech sector, “one that is well timed with falling interest rates, more realistic growth assumptions, rational government policies, and less reliance on government incentives.” This could bring a “healthy upcycle” for the sector, barring headline risk from Washington, the analyst tells investors in a research note.
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