Bloom Energy downgraded to Hold after rally at HSBC

HSBC last night downgraded Bloom Energy (BE) to Hold from Buy with a price target of $24.50, up from $17.20. The firm has near-term valuation concerns following the stock’s recent rally. The shares have rallied 79% in the previous three trading sessions on a data center deal, the analyst tells investors in a research note. HSBC believes that while Bloom “has plenty of excess” manufacturing capacity in the near term, it may need to increase capacity at its Fremont facility.