BE Stock Rises Overnight After Oracle Reaffirms Project Jupiter Role: Analyst Hikes Price Target On Gaining Market Acceptance Ahead Of Q3 Results

• The analyst said that it remains neutral heading into the Q3 results, although it views the stock as gaining market acceptance.
• Bloom Energy is expected to post its Q3 print on Oct. 22 after market hours. 
• Meanwhile, Oracle said on Tuesday that Bloom Energy will remain the primary electricity provider for its Project Jupiter AI data center campus in Doña Ana County, New Mexico. 

Shares of Bloom Energy Corp. (BE) gained more than 1% in overnight trading late Tuesday, shortly after Oracle (ORCL) reaffirmed the company as its primary power source for a proposed energy service agreement with El Paso Electric for Project Jupiter. 

Meanwhile, Roth Capital hiked the price target on BE to $260 from $225 and maintained a ‘Neutral’ rating. The revised target, however, implies about a 1% downside from its last close. 

Analyst Rationale On BE Stock Target Hike

The analyst said the stock remains neutral heading into the third-quarter (Q3) results, though it views the stock as gaining market acceptance, according to The Fly. 

Bloom Energy is expected to post its Q3 print on Oct. 22 after market hours. 

Roth Capital said Bloom Energy's current positioning and commercial momentum are unique in the company's history, but forward expectations factor in very large order flow and incremental capacity growth in future years. The analyst noted that the stock's valuation and the company's lack of transparency are keeping its view on the sidelines.

Bloom’s Role In Oracle’s Project Jupiter

Oracle said on Tuesday that Bloom Energy will remain the primary electricity provider for its Project Jupiter AI data center campus in Doña Ana County, New Mexico. 

In April, the hyperscaler announced that Bloom’s fuel cell is expected to provide up to 2.45 gigawatts of installed power capacity at the site. 

Oracle’s freshly proposed energy service agreement with El Paso Electric will cover electricity needs during late-stage construction, initial commissioning and emergency backup, with a separate proposal to provide up to $55 million annually in direct electricity bill credits for up to three years to El Paso Electric's residential and small business customers in New Mexico.

The company reaffirmed that the arrangement does not change Bloom Energy’s role as the campus’s primary power source.

BE Stock: Retail Stance

On Stocktwits, retail sentiment around BE stock slipped from ‘neutral’ to ‘bearish’ territory over 24 hours amid ‘normal’ message volumes. 

Despite the falling sentiment, many retail investors continued to stay optimistic on the company’s performance. 

One user said, “$BE It never fails, each time Bloom is scheduled to report earnings there is almost always a big drop within two weeks or less. Then panic selling takes place because of some fake headlines news or fabricated “potential “ problems with Ai growth. Once the ET is released the SP explodes to the upside 25% or 35% within 48 hours. Know the game.”

Another user said, “$BE don’t bet against bloom. Going to $600 this year.”

BE stock is up about 203% year-to-date. 

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