Bloom Energy price target lowered to $30 from $35 at Morgan Stanley

Morgan Stanley analyst Andrew Percoco lowered the firm’s price target on Bloom Energy (BE) to $30 from $35 and keeps an Overweight rating on the shares. Bloom’s Q1 results exceeded expectations and the company reiterated guidance due to unabated demand, particularly from data centers, the analyst tells investors. However, given the “surprise departure” of its CFO, Dan Berenbaum, after just a year in the post, the firm believes a lower multiple is warranted as this is a new overhang, particularly in a year where the execution of its financial guidance is “paramount.” Still, the firm remains confident in the remaining members of the executive team and their ability to execute on the commercial pipeline, the firm stated.