JPMorgan upgraded Bloom Energy (BE) to Overweight from Neutral with a price target of $33, up from $18. The firm says that with fuel cells “unexpectedly” qualifying again for 48E tax credits in the One Big Big Beautiful Bill, there is upside to consensus revenue and margin estimates for Bloom beginning in fiscal 2026. With competing gas turbine pricing and lead times still elevated, the tax credits for fuel cells can push Bloom customers “over the finish line,” driving order activity to increase, the analyst tells investors in a research note. JPMorgan now expects the company’s Q2 messaging to be relatively more upbeat than peers.
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