HSBC upgrades Bloom Energy to Buy on accelerating momentum

As previously reported, HSBC analyst Samantha Hoh upgraded Bloom Energy (BE) to Buy from Hold with a price target of $150, up from $100, following the Q3 beat. The company’s growth momentum and its expanding manufacturing capacity at the Fremont facility in 2026 supports four-times 2025 revenue, the analyst tells investors in a research note. HSBC believes Bloom’s products and services revenue could be near $8B before the company needs to increase capacity again. This is well above the firm’s prior 2027 revenue estimate of $3.2B. It believes the stock deserves a premium multiple given Bloom’s exposure to the “secular growth themes” of artificial intelligence data centers and hydrogen. The stock in midday trading is up 23% to $139.03.