BMO Capital analyst Ameet Thakkar maintained a Hold rating on Bloom Energy today and set a price target of $97.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Ameet Thakkar has given his Hold rating due to a combination of factors influencing Bloom Energy’s current market position and future prospects. The strategic partnership between Bloom Energy and Brookfield Asset Management, which involves up to $5 billion in funding for energy servers, is a significant development. However, there is uncertainty regarding the actual deployment of the proposed 1 GW capacity and the associated financial metrics such as average selling prices and margins.
While there is a positive momentum in Bloom Energy’s order book, and the company is expanding its solid oxide fuel cell technology applications, the technology is still in its nascent stages for the targeted areas. Thakkar acknowledges the potential for growth but remains cautious, awaiting more concrete evidence of the technology’s effectiveness in providing baseload power. Consequently, despite the promising developments, the uncertainties and early-stage nature of the technology justify a Hold rating.
According to TipRanks, Thakkar is an analyst with an average return of -18.8% and a 44.04% success rate. Thakkar covers the Technology sector, focusing on stocks such as Enphase Energy, First Solar, and SolarEdge Technologies.
In another report released yesterday, Roth MKM also maintained a Hold rating on the stock with a $73.00 price target.