Bloom Energy price target raised to $22 from $14 at Wells Fargo

Wells Fargo raised the firm’s price target on Bloom Energy (BE) to $22 from $14 and keeps an Equal Weight rating on the shares. The firm increased estimates and the price target on Bloom’s agreement with American Electric (AEP). The deal deal is a positive milestone, but the pacing and magnitude of future order growth remains unclear since AEP is not obligated to place additional orders, the analyst tells investors in a research note. Wells believes a reasonable amount of future orders is now reflected in Bloom’s valuation.