Bloom Energy downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded Bloom Energy to Outperform from Strong Buy with a price target of $25, down from $29. The Strong Buy rating had been predicated, in part, on 2023 being the first year with meaningful electrolyzer sales, and that expectation "has turned out to be quite a bit too optimistic," the analyst tells investors in a research note. Bloom’s commentary in February, when 2023 guidance was unveiled, pointed to electrolyzer sales becoming needle-moving in late 2024 or 2025, the firm points out. The longer timetable is "not a big deal in the grand scheme," but it creates fewer near-term catalysts, Raymond James writes.