RBC Capital Lifts Bloom Energy (BE) Target to $123 on Strong Long-Term Outlook

Bloom Energy Corporation (NYSE:BE) is one of the AI Stocks Making Moves on Wall Street. On October 20, RBC Capital analyst Christopher Dendrinos raised the price target on the stock to $123.00 (from $75.00) while keeping an “Outperform” rating. The firm cited stronger confidence in Bloom’s long-term opportunity behind the price target raise.

RBC particularly discussed its behind-the-meter (BTM) datacenter market, which it believes is still in early development stages. Bloom’s strong revenue growth of 22.7% in the last twelve months also supports the firm’s optimistic outlook.

RBC Capital has also acknowledged the competitive dynamics in the sector Bloom operates in, but stated that Bloom’s recent partnership announcement with Brookfield is proof of the competitiveness of its solution.

“We increase our forecasts and PT reflecting stronger confidence in the LT opportunity. We believe the upside opportunity continues to skew favorably on a growing BTM datacenter opportunity that we believe is still in the early stages. We acknowledge the competitive dynamics, but point to the recent partnership announcement with Brookfield as another proof point for the competitiveness of BE’s solution. We believe shares are priced for an incremental capacity increase which we think is supported by a large and growing TAM opportunity. PT to $123 from $75 on estimate revisions and change to P/E based valuation multiple.”

Bloom Energy Corporation (NYSE:BE) develops solid-oxide fuel cell systems for on-site power generation, helping meet the growing energy demands of AI data centers.

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