I can’t remember the last time there were investors Bloom energy (NYSE:BE) had so much fun. After gaining more than 45% in one day last week, shares of the hydrogen fuel cell maker continued to soar higher this week, up 18% through Friday at 10:30 a.m. ET, according to data from S&P Global Market Intelligence .
Bloom Energy shares are now up a whopping 89% in just two weeks at the time of writing.
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Several analysts became bullish on Bloom Energy this week and raised their price targets for the stock. Notable ones include:
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RBC Capital Markets: New price target of $28 per share, up from $15 per share.
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BMO capital: Price target increased from $12 per share to $19.5 per share.
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Morgan Stanley: New price target of $28 per share, up from $20 per unit.
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Wells Fargo: Price target increased from $14 to $22 per share.
One big announcement from Bloom Energy has caught the attention of the analyst community, and rightly so.
Bloom Energy has signed an agreement with American electrical energy to supply the utility with up to one gigawatt (GW) of fuel cell products, starting with an order for 100 megawatts of fuel cells to power American Electric’s artificial intelligence data centers. More orders are expected to follow in 2025.
It is a milestone for Bloom Energy. After all, the company has only deployed about 1.3 GW globally since its inception, meaning the American Electric Power deal alone accounts for more than 75% of Bloom Energy’s total revenue to date.
2023 was a strong year for Bloom Energy: revenue grew 11% to a record high of $1.3 billion, and gross margin increased to 14.8% from 12.4% in 2022. For the time being, the company expects a turnover of $1.4 billion. billion to $1.6 billion by 2024.
Although Bloom Energy shares have risen dramatically in just two weeks, the deal with American Electric Power could provide huge opportunities for the company. If Bloom Energy can capitalize on this, the stock could be a big winner in the long term.
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