Bloom Energy (BE – Research Report), the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Andrew Percoco from Morgan Stanley maintained a Buy rating on the stock and has a $22.00 price target.
Andrew Percoco has given his Buy rating due to a combination of factors, including recent developments with Bloom Energy’s business dealings and the potential of their technology. Percoco’s positive outlook is partly based on Bloom Energy’s new agreement with Silicon Valley Power to implement 20 MW of fuel cells for an Amazon data center. This move indicates a shift from a previous project in Oregon, showcasing the flexibility and ongoing demand for Bloom Energy’s solutions. Moreover, the analyst perceives this as evidence of the company’s fuel cell technology’s viability and the strong commitment from major commercial entities like Amazon to adopt alternative energy sources to expedite power accessibility.
Furthermore, Percoco’s recommendation reflects his confidence in Bloom Energy’s positioning within the Clean Tech sector. He regards the company as a top pick for investors looking to capitalize on the constraints of time-to-power in the power markets, particularly in applications related to powering artificial intelligence. This perspective underscores the broader trend towards clean energy solutions and the strategic role Bloom Energy could play in meeting the growing energy demands of technologically advanced sectors.
In another report released on July 8, Jefferies also maintained a Buy rating on the stock with a $16.00 price target.
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Bloom Energy (BE) Company Description:
Bloom Energy Corp. engages in the manufacture and installation of on-site distributed power generators. Its product, Bloom Energy Server, converts standard low-pressure natural gas or biogas into electricity through an electrochemical process without combustion. The company was founded by K. R. Sridhar, John Finn, Jim McElroy, Matthias Gottmann, and Dien Nguyen on January 18, 2001 and is headquartered in San Jose, CA.