Bloom Energy Soars as Analysts Turn Bullish and Company Secures Major Deal with American Electric Power
Key Ideas
- Shares of Bloom Energy surged 18% in a week, reaching a total gain of 89% in two weeks, driven by positive analyst sentiment and a major deal with American Electric Power.
- Several analysts raised their price targets on Bloom Energy stock, with RBC Capital Markets, BMO Capital, Morgan Stanley, and Wells Fargo all increasing their price targets.
- Bloom Energy signed a significant agreement with American Electric Power to supply up to one gigawatt of fuel cell products, representing a substantial opportunity for the company.
- Despite the recent rally, Bloom Energy's long-term potential remains strong, with the company guiding for revenue of $1.4 billion to $1.6 billion in 2024, indicating further growth prospects.
Investors in Bloom Energy have recently experienced significant gains, with the company's stock surging by 18% in a week and a remarkable 89% in just two weeks. This rally was fueled by positive analyst sentiment, as several analysts raised their price targets on Bloom Energy stock. Noteworthy increases came from RBC Capital Markets, BMO Capital, Morgan Stanley, and Wells Fargo. The company also made headlines by securing a major agreement with American Electric Power to provide up to one gigawatt of fuel cell products, starting with an initial order of 100 megawatts. This deal is seen as a milestone for Bloom Energy, given that the company has deployed around 1.3 gigawatts globally thus far. Despite the recent price surge, Bloom Energy's long-term outlook appears promising, with revenue for 2024 expected to range between $1.4 billion and $1.6 billion. This guidance indicates further growth potential for the company. While the stock has experienced a rapid increase, the agreement with American Electric Power presents significant opportunities for Bloom Energy, positioning it well for future success in the renewable energy sector.