Bloom Energy downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Sophie Karp downgraded Bloom Energy to Sector Weight from Overweight without a price target. The company reported below-consensus Q4 results and provided a weaker than expected 2024 outlook, the analyst tells investors in a research note. The firm says the lack of clarity around the timing of shipments to Korea and data center-related bookings makes for an uncertain first half of 2024, “at least.” This, in combination with the departure of a well-respected CFO with no clear successor in place, drives the downgrade pending more clarity, contends KeyBanc.