Baird Lifts Price Target on Bloom Energy (BE) to $61, Maintains Outperform

Bloom Energy Corp. (NYSE:BE) is one of the best stocks for day trading. With a relatively high beta of 3.4 and an average daily trading range of approximately 7%, the stock is likely to be a favorite among day traders seeking to capitalize on volatility.

The stock has already delivered exceptional gains, climbing 450% over the past year and more than 140% year-to-date.

On the fundamental side, the company appears to be performing well, given its exposure to the secular growth drivers of clean energy. On September 4, Baird analyst Ben Kallo raised his price target on the stock to $61 from $45, while maintaining an Outperform rating. The revision followed a tour of the company’s manufacturing facility, which reinforced his confidence in Bloom Energy Corp.’s (NYSE:BE) production capabilities and growth trajectory.

This came after Baird’s earlier move on August 1, when Kallo had already lifted his target to $45 from $22 following Q2 earnings. That same day, BTIG’s Gregory Lewis reiterated a Buy rating with a $42 target, citing results that exceeded expectations on strong product sales.

Lewis had also pointed to Bloom Energy Corp.’s (NYSE:BE) plans to double U.S. manufacturing capacity by 2026, alongside supportive legislation offering tax credit incentives. He also argued that the company’s recent exchange of convertible notes reduced near-term financing pressure, while partnerships with utilities such as American Electric Power highlight expanding commercial opportunities.

Bloom Energy Corp. (NYSE:BE) is a clean energy company that specializes in solid oxide fuel cell technology. Its Bloom Energy Servers provide highly efficient, low-carbon power generation for commercial and industrial customers.

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