BTIG raised the firm’s price target on Bloom Energy (BE) to $295 from $165 and keeps a Buy rating on the shares after it’s healthy Q1 earnings beat. The company continues to convert its data center-linked sales funnel into backlog, expanding its Oracle (ORCL) partnership with a master services agreement for up to 2.8GW of fuel cells and the issue of a warrant to ORCL for 3.5M shares, the analyst tells investors in a research note. The management now expects to grow manufacturing capacity beyond 2GW dynamically as customer demand requires, rather than in large chunks as Bloom has historically, the firm added.
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