Bloom Energy downgraded to Neutral at BofA with less clarity on 2024

As previously reported, BofA downgraded Bloom Energy to Neutral from Buy with a price target of $16, down from $17, as the firm sees less clarity on orders and backlog into 2024. Management indicated a heightened focus on pipeline conversion through year-end on the Q3 call in early November and historically bookings have been Q4-weighted, but the firm still finds it “a bit challenging” to see clarity on year-over-year growth in 2024 as Bloom will be rolling off “a litany of lumpier sales this year,” the analyst tells investors.