BMO Capital raised the firm’s price target on Bloom Energy (BE) to $136 from $97 and keeps a Market Perform rating on the shares after its better than expected Q3 results. The revenues from the Brookfield related entity suggests either more MWs, sites or better unit pricing than previously modeled, the analyst tells investors in a research note. Order momentum is building at an impressive pace, but SOFC technology is still in a very early stage of development for use in areas that Bloom is targeting and valuation looks full, BMO added.
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