Jefferies downgraded Bloom Energy to Hold from Buy with a price target of $11, down from $15. The analyst cites uncertainty on the company’s backlog, expiration of the tax credits and minimal transparency around SK for the downgrade. The firm anticipates the data center theme “can play out” for Bloom, but sees “real potential risks” in a refresh of disclosures. Citing a lack of clarity on orders, Jefferies lowered 2025 and 2025 estimates and now sits 15% and 25% below consensus, respectively.
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