Bloom Energy initiated with a Buy at HSBC

HSBC initiated coverage of Bloom Energy with a Buy rating and $22 price target. Hydrogen is an enabling fuel and technology for a clean economy, the analyst tells investors in a research note. The firm sees U.S. clean hydrogen production capacity accelerating on the back of billions of dollars in federal stimulus. Bloom is a focused play on solid oxide fuel cells and electrolyzers, and with manufacturing capacity to scale, the analyst tells investors in a research note.