Bloom Energy Started With Buy Rating at BTIG, Shares Gain 5%
Bloom Energy Started With Buy Rating at BTIG, Shares Gain 5%

Bloom Energy Started With Buy Rating at BTIG, Shares Gain 5%

Jan. 25, 2024, 4:33 p.m., readers: 14

BTIG analysts initiated coverage on Bloom Energy (NYSE:BE) with a Buy rating, setting a price target of $21.00. As a consequence, the company’s shares rose more than 5% on Thursday. The analysts commented on the nascent stage of hydrogen adoption, noting that the estimated global hydrogen production for 2023 is around 110 million tonnes, which is relatively insignificant in the global energy mix. Despite the stagnation in clean hydrogen production growth in 2023, the analysts remain optimistic about hydrogen's role in the energy transition, particularly in sectors that are hard to decarbonize. By 2030, clean hydrogen production is projected to reach about 50 million tonnes, although the majority of hydrogen production will still be gray. They suggest that the focus for hydrogen will likely be more on energy expansion than replacement. Highlighting Bloom Energy's expertise, the analysts pointed out that the company has decades of experience in hydrogen, positioning it as a leader in solid oxide fuel cells (SOFCs), which are well-suited for energy storage (Energy Servers), as opposed to PEM fuel cells that are better for transportation. The analysts appreciate that while green hydrogen is the future, most of Bloom Energy's fuel cells currently run on methane, allowing the company to be profitable today as it awaits the growth of renewable power capacity and accelerated hydrogen adoption.



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