Bloom Energy price target lowered to $12 from $17 at Wells Fargo

Wells Fargo lowered the firm’s price target on Bloom Energy to $12 from $17 and keeps an Equal Weight rating on the shares. The firm cites a lower 2024 guide and more conservative growth assumptions in 2025-plus. Wells likes Bloom’s focus on the power-hungry data center vertical, but says visibility and timing remains uncertain.