Bloom Energy price target lowered to $26 from $31 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bloom Energy (BE) to $26 from $31 and keeps an Overweight rating on the shares. The firm highlights good results from Bloom Energy as EBITDA exceeded expectations of stronger revenues and margins. Management reiterated its confidence in meeting guidance based on the company’s pipeline. Despite favorable demand commentary, there were no flashy project announcements akin to recent quarters and nothing incremental on AEP’s option, Piper adds. From a tariff perspective, BE outlined a 100-bps margin headwind that it intends to offset with cost-outs. Finally, the company unexpectedly announced the departure of the new CFO on May 1st and indicated it is searching for a replacement.