Truist downgraded Bloom Energy to Sell from Hold with a price target of $9, down from $12. While Bloom has done a “notable job” through 2023 in boosting acceptances against a difficult macro backdrop, Street estimates for 2024 and 2025 remain too aggressive given the reduced shipment pace implied by the company’s recent SK Ecoplant partnership extension, continued uncertainty surrounding Amazon volumes, and minimal line of sight to a Series 10 volume ramp, the analyst tells investors in a research note. The firm believes the “sluggish pace” of hydrogen development will ultimately lead Bloom to have to reduce its multi-year guidance.
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