Bloom Energy price target lowered to $19 from $32 at KeyBanc

KeyBanc lowered the firm’s price target on Bloom Energy to $19 from $32 as broader macro concerns persist, while keeping an Overweight rating on the shares. The firm notes Bloom Energy trades at a 2024 revenue multiple of 1.7-times, which is mostly in line with its own historical range but below peers that trade in a range of 4-8-times 2024 sales. KeyBanc believes Bloom should trade more favorably vs. its historical average of 2.5-times given its growing market share, strong corporate partner network, push into H2, and strong revenue growth projections.