Bloom Energy (BE) has received a new Buy rating, initiated by Evercore ISI analyst, Nicholas Amicucci.
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Nicholas Amicucci has given his Buy rating due to a combination of factors that highlight Bloom Energy’s strategic positioning and growth potential. The company is well-positioned to address the increasing power demand through its versatile and efficient fuel-agnostic servers. Its innovative approach in manufacturing and technology has gained significant traction with utilities and leading AI companies, which is crucial for its aggressive multi-year growth strategy aimed at global decarbonization and large-scale hydrogen solutions deployment.
Furthermore, Bloom Energy’s solid oxide fuel cells are gaining acceptance across various expanding markets, including marine, aviation, and data centers. The company’s recent collaborations with major players like Oracle and Equinix underscore its ability to deliver less carbon-intensive and modular power solutions. These partnerships, along with a substantial investment to double manufacturing capacity, reflect strong demand and confidence in Bloom’s future growth. The valuation scenario assumes significant growth and profitability improvements, supporting the $100 price target.
In another report released on October 2, J.P. Morgan also maintained a Buy rating on the stock with a $90.00 price target.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BE in relation to earlier this year.