Bloom Energy initiated with Buy on IRA tailwinds at CL King

CL King initiated coverage of Bloom Energy with a Buy rating and $15 price target. While the global energy transition to renewable sources is in the early innings, results show slower progress than expected, which is a multiyear positive for Bloom and its “unique” Energy Server, the analyst tells investors in a research note. The firm says the company will benefit from spending initiatives associated with the Inflation Reduction Act. These will provide additional tailwinds that should drive adoption of Bloom products and help it lower manufacturing costs, contends CL King.