Bloom Energy price target lowered to $23 from $25 at BMO Capital

BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Bloom Energy (BE) to $23 from $25 and keeps a Market Perform rating on the shares. The firm contends that the company’s FY24 earnings call was “mixed”, noting that while investor focus may be fixated on stronger than consensus FY25 revenue and gross margin guidance confirming momentum, the lack of backlog growth, even adjusting for changes in what’s included, is at odds with Bloom commentary on data center demand, the analyst tells investors in a research note.