Bloom Energy’s Price Target Cut at Susquehanna

Bloom Energy’s Price Target Cut at Susquehanna March 27, 2024, 10:56 a.m., readers: 2

Susquehanna analysts adjusted their price target for Bloom Energy (NYSE:BE) to $16 from $18 but continued to recommend a Positive rating on the stock. The revision in estimates, mainly due to the timing of projects, precedes Bloom's Q1 earnings report. Bloom is actively pursuing opportunities in greenfield data centers to provide fuel cells, with potential orders expected to reflect in the backlog as soon as the second half of this year. While significant revenue from electrolyzers is yet to materialize, a recent collaboration with Shell to potentially manufacture solid oxide electrolyzers marks a promising step towards securing substantial orders. The price target has been reduced to $16, reflecting these updates.