Bloom Energy upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Bloom Energy (BE) to Overweight from Neutral with a price target of $20, up from $10. The firm says the scale of the agreement with American Electric (AEP) provides proof of concept that Bloom’s product can be utilized to power large-scale datacenters and could open the door to future arrangements with other utilities. With estimates likely biased higher in 2025 and beyond, Bloom’s multiple should re-rate and the company could “join the ranks of other bona fide datacenter equipment plays” that trade at 20-times Street estimates, As previously reported,