Bloom Energy’s shares (NYSE:BE) are rocketing after RBC Capital initiated coverage with a positive Buy rating and a $24 price target. The company, they assert, is primed for robust expansion and enhanced profitability throughout this decade. Analyst Chris Dendrinos from RBC attributes this optimistic forecast to growing social pressure and regulatory enforcement pushing for decarbonization, suggesting that these factors will continue to propel Bloom’s adoption due to its appealing value proposition.
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In a thorough assessment of the electrolyzer market, RBC finds that Bloom’s technology should anticipate robust market adoption. This is especially true for nuclear power facilities and industrial processes where Bloom’s high efficiency and ability to lower operating costs using waste heat give it a distinct advantage. According to Dendrinos, Bloom’s potential growth and favorable financial prospects are currently undervalued in its stock price, thus justifying a premium compared to its counterparts.
What is the Target Price for Bloom Energy?
Overall, analysts have a Moderate Buy consensus rating on BE stock based on seven Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $24.17 per share implies 42.47% upside potential.
