Bloom Energy Plummets 8% on BofA Securities DowngradeJan. 29, 2024, 11:24 a.m., readers: 7
BofA Securities analysts downgraded Bloom Energy (NYSE:BE) from Neutral to Underperform, reducing the price target from $16.00 to $10.00. As a consequence, the company’s shares plunged more than 8% intra-day on Monday. The downgrade is based on their expectation that Bloom Energy's revenues from 2023 to 2025 will be relatively flat, a departure from the previously anticipated acceleration. The analysts noted that Bloom Energy, a hydrogen manufacturing supplier, has traditionally struggled with order visibility and growth. This was a factor in the company's previous downgrade to Neutral in December. Since then, the analysts observed no substantial evidence of the expected commercial successes during these crucial years. While Bloom Energy's partner SK did increase and extend its order, the analysts pointed out that there have been few other tangible developments to suggest any significant acceleration in business. They believe that a reevaluation of expectations is not yet reflected in the company's stock price.
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