Bloom Energy (BE) Hits New All-Time High on Analyst 93% Price Target Upgrade

We recently published 10 Hot Stocks Investors Are Buying, 5 Break Fresh Records. Bloom Energy Corp. (NYSE:BE) is one of the best performers on Tuesday.

Bloom Energy rallied to a new all-time high on Tuesday, as investors turned bullish after a sky-high price target upgrade from a financial services company.

During the session, Bloom Energy Corp. (NYSE:BE) jumped to a new all-time high of $73.42 before trimming gains to end the day just up by 9.36 percent at $73.29 apiece.

In a market note on the same day, Morgan Stanley significantly raised its price target for Bloom Energy Corp. (NYSE:BE) by 93 percent to $85 from $44 previously, while maintaining an “overweight” rating.

From its latest closing price, the new price target remains at a 16 percent upside potential.

According to Morgan Stanley, the upgrade was based on Bloom Energy Corp.’s (NYSE:BE) supply agreement with Oracle Corp., under which it will deliver fuel cell technology to select Oracle Cloud Infrastructure (OCI) data centers in the US to support the growing demand for its cloud computing services. Details about expected revenues and supply volume have not been disclosed.

Additionally, Bloom Energy Corp. (NYSE:BE) hinted at similar deals “coming soon.”

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