BTIG raised the firm’s price target on Bloom Energy (BE) to $145 from $80 and keeps a Buy rating on the shares. The company’s Q3 revenue came in 21% above consensus, primarily driven by better than expected Product revenue which was 25% above the Street, while the management continues to hone costs and manufacturing efficiencies as Non-GAAP gross margins improved 510bps y/y to about 30% – also coming above the Street’s 29% estimate, the analyst tells investors in a research note.
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Read More on BE:
- Bloom Energy price target raised to $50 from $43 at Clear Street
- Cautious Outlook on Bloom Energy: Hold Rating Amid High Valuation and Execution Uncertainties
- Bloom Energy’s Strong Market Position and Growth Potential Justify Buy Rating
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