Bloom Energy price target raised to $33 from $21 at UBS

UBS raised the firm’s price target on Bloom Energy (BE) to $33 from $21 and keeps a Buy rating on the shares. Bloom recently announced that it has signed a supply agreement with American Electric Power (AEP) for up to 1 gigawatt of its products, the largest commercial procurement of fuel cells in the world to date, and as part of the agreement, AEP has placed an order for 100 megawatts of fuel cells with further expansion orders expected in 2025, the analyst tells investors in a research note. UBS believes this order open doors for similar orders with AEP and other utilities, and as demand for electricity-intensive computing resources continues to surge with data centers and AI-driven applications, the firm sees Bloom as well positioned.