Mizuho Hikes Bloom Energy's (BE) Price Target on Enhanced Manufacturing

Bloom Energy Corporation (NYSE:BE) is one of the best alternative energy stocks to buy right now. On August 4, Mizuho raised its price target of the stock to $48 from $31 and reiterated an ‘Outperform’ rating. The price target increase is in response to the company’s expansion of its manufacturing capacity, as it seeks to meet growing demand for data center power.

The research firm anticipates that the company will achieve 2 GW of fuel cell manufacturing capacity by the end of next year. It would represent a three-year advancement from previous projections, which anticipated the milestone in 2029.

According to Mizuho, Bloom Energy’s Q2 operating margin coming in better than expectations strengthens the company’s prospects of scaling production following the expansion. The company’s sold megawatts are expected to increase at a 35% compound annual growth rate, up from a previous estimate of 20%, as a result of the expansion.

Bloom Energy Corporation (NYSE: BE) specializes in providing distributed power generation solutions utilizing solid oxide fuel cell technology. It manufactures and sells the Bloom Energy Server, a system that converts fuels like natural gas, biogas, and hydrogen into electricity without combustion.

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Disclosure: None. This article is originally published at Insider Monkey.