Stock Track | Bloom Energy Soars 5.09% Intraday on Citigroup Coverage Initiation and Bullish Growth Outlook

Stock Track02-24

Bloom Energy Corp's stock surged 5.09% during intraday trading on Tuesday, marking a significant upward movement for the fuel cell technology company.

The price increase follows Citigroup's initiation of coverage on Bloom Energy with a Neutral rating and $162 price target. According to the brokerage, Bloom Energy's purpose-built solution to rising global power demand should see strong uptake, driving revenue growth of over 40% annually through 2030. Citigroup analysts noted that Gen-AI workloads could make up about 70% of power demand by 2030, and with gas turbines sold out through 2030, hyperscalers are seeking alternative solutions like those offered by Bloom Energy.

Additionally, the firm believes the company can accelerate growth from the transition to 800V Direct Current architecture in 2027 and models revenues that are 7% higher than consensus estimates. The $162 price target represents approximately 1.1% upside from the stock's last closing price before the coverage initiation.

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