Bloom Energy price target raised to $22 from $12 at Jefferies

Jefferies analyst Dushyant Ailani raised the firm’s price target on Bloom Energy (BE) to $22 from $12 and keeps a Hold rating on the shares. The firm views the company’s American Electric (AEP) deal as a “step in the right direction,” but also notes the importance of the investment tax credit safe harbor in securing the deal. The analyst expects Bloom “to work feverishly to announce similar deals” with year-end approaching. Separately, channel checks confirm the potential for strong growth in 2025 for Bloom, the analyst tells investors in a research note. Jefferies upped estimates to 9% above consensus but keeps a Hold rating on the shares due to a “lofty” valuation.