Bloom Energy Corp's stock surged 5.01% in Friday's trading session, with shares of the fuel cell maker soaring amid renewed bullish sentiment from analysts following the company's recent deal with American Electric Power.
Fueling the rally were price target hikes from both Jefferies and Piper Sandler. Jefferies raised its target on BE to $22 from $12, citing the AEP deal as a positive step forward that highlights the importance of investment tax credits in securing such agreements. Meanwhile, Piper Sandler boosted its price target to $30 from $20 while reiterating an Overweight rating on the stock.
Analysts view the AEP deal as a potential catalyst for Bloom Energy to sign more similar contracts before year-end, with the company potentially providing further updates during an investor day event. The optimism reflects growing investor interest in the clean energy space as Bloom Energy positions itself to capitalize on the energy transition.
Comments