Bloom Energy price target lowered by $1 at Morgan Stanley, here’s why

Morgan Stanley lowered the firm’s price target on Bloom Energy to $22 from $23 and keeps an Overweight rating on the shares. Rising interest rates and renewable electricity prices leave green hydrogen economics increasingly reliant on subsidies, where visibility remains poor, and this could delay project pipelines and slow adoption, the analyst tells investors. However, the firm keeps an Overweight rating on Bloom shares given what it sees as strong underlying demand and profitability of its fuel cell business.