BofA lowered the firm’s price target on Bloom Energy (BE) to $18 from $20 and keeps an Underperform rating on the shares. While utility partnerships are expected to grow, cost competitiveness and margin improvements are essential to achieving targets, says the analyst, whose estimates are at the low end of the FY24 revenue guidance of $1.4B-$1.6B and “well below” on gross margins at 24.3% versus cons of 26.6% and guidance of 28%.
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