Barclays has initiated coverage of Bloom Energy Corp. (NYSE: BE) with an Equalweight rating and a price target set at $153.00. The announcement came while the stock was trading at $152.31, just below its 52-week high of $155.87. Bloom Energy is also due to report quarterly results in eight days, with earnings expected on February 5, according to InvestingPro data.
In its initiation note, Barclays emphasized several dynamics it expects will support demand for Bloom Energy’s solid-oxide fuel cell (SOFC) systems over the coming years. Among those dynamics is the company’s capacity to bring power facilities online more quickly than competitors. Barclays pointed to Bloom Energy’s commitment to Oracle to deliver operational power within 90 days as an example of accelerated deployment capability.
Bloom Energy’s recent top-line momentum was highlighted in the bank’s analysis. The company recorded 44.53% revenue growth over the last twelve months, and analysts are projecting roughly 27% additional revenue growth for fiscal year 2025.
Barclays also noted industry economics that are moving in Bloom Energy’s favor. Costs and average selling prices are declining, which the bank said narrows the capital expenditure gap between SOFC technology and alternative power solutions such as gas engines and gas turbines. That compression in the capex differential is a central part of Barclays’ positive demand thesis.
Technology validation through commercial agreements was another factor cited. Barclays specifically mentioned American Electric Power’s (AEP) decision to exercise a 900 MW option as evidence of the market validating Bloom Energy’s approach. The bank further identified the transition to 800 Volt Direct Current (VDC) systems as supportive for Bloom Energy, noting that the company’s OFC technology is well positioned given its inherent direct current power generation capabilities.
Despite these supportive elements, Barclays warned that the current share price appears to already incorporate much of the company’s growth narrative. The bank calculated that the stock implies Bloom Energy should approach roughly 5 gigawatts of deliveries by the end of the decade - a level that equates to approximately ten times the volumes projected for 2025 under consensus estimates.
Independent valuation metrics highlighted by InvestingPro were also referenced in the note, with InvestingPro analysis indicating an extremely high price-to-earnings ratio of 2320 and an EV/EBITDA multiple of 261.73. Those measures led InvestingPro to suggest the stock is significantly overvalued on current figures.
The initiation comes amid a string of recent analyst updates and corporate developments affecting the company’s outlook and market perception. Jefferies raised its price target for Bloom Energy to $92 from $53 while maintaining an Underperform rating, a move based on revised 2026 revenue estimates of $2.9 billion - roughly 16% above consensus - driven in part by orders from AEP and Quanta.
Clear Street raised its price target to $80 from $68 and kept a Hold rating, citing increased sales contribution tied to the American Electric Power order in Wyoming. Separately, Clear Street had previously increased its target to $68 from $58 after applying a 4.6x EV/Sales multiple to a 2027 revenue estimate of $3.7 billion.
RBC Capital reiterated an Outperform rating with a $143 price target following an air permit filing that signals Bloom Energy’s fuel cells will power a 1.5 GW datacenter project in Texas. In contrast, Jefferies retained an Underperform stance with a $53 target even after AEP’s $2.65 billion acquisition of Bloom Energy’s fuel cells for the Wyoming project.
Taken together, the analyst actions and project developments reflect active interest in Bloom Energy but also divergent views on valuation and near-term fundamentals. Barclays’ initiation frames the company as having meaningful operational and market tailwinds, while also pointing out that current market pricing appears to demand very sizable future scale-up in deliveries.
How this affects sectors:
- Energy and power infrastructure - potential acceleration of SOFC adoption versus traditional gas-fired options.
- Utilities and large energy buyers - implications for procurement strategies as fuel cell capex and deployment timelines evolve.
- Industrial and datacenter buildouts - relevance for customers seeking fast, on-site low-emission power solutions.