Bloom Energy initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Bloom Energy with an Outperform rating and $21 price target. Bloom Energy’s highly efficient and low-emissions-intensive solid oxide fuel cells are increasingly gaining traction in the market and widely being accepted in the rapidly expanding end markets, including marine, aviation, data centers, BEV charging, green ammonia, steel, e-fuel, CCUS, and methanol, the analyst tells investors in a research note. The firm views Bloom’s stationary, off-grid hydrogen solutions as an emerging opportunity as interconnection bottlenecks continue to persist.