• Bloom reported Q1 revenue of $751.05 million and adjusted earnings per share of $0.44, which strongly beat estimates.
• RBC Capital Markets, Morgan Stanley, BTIG, and Susquehanna analysts see the most upside on BE.
• 13 out of 27 analysts covering BE are bullish on the stock.

At least nine Wall Street analysts hiked their price targets on Bloom Energy (BE) following its stellar first-quarter report, in which the company topped estimates for key metrics and raised its forecast.

Morgan Stanley, Cowen, RBC Capital, Roth Capital, Clear Street, BTIG, Baird, Susquehanna, and JPMorgan cheered Bloom’s results while maintaining their respective ratings and raising price targets. 

Massive Price Target Hikes

At the time of writing, RBC had the highest price target of $335 on Bloom, representing a 134.3% increase from its prior target and implying an upside of 48% from Tuesday’s close.

BTIG upped Bloom’s price target by $130 to $295, while Susquehanna raised its by $120 to $293, now implying an upside of at least 30%. Morgan Stanley’s price target of $310 implies an upside of 32%.

BTIG’s hike represents a 78.8% jump from its prior target. It said the company continues to convert its data center-linked sales funnel into backlog, and highlighted the expanded Oracle (ORCL) partnership, according to The Fly.

Meanwhile, Susquehanna noted that demand for its quick time-to-power fuel cell solution remains robust amid an accelerating environment, as data centers look for any available power, according to TheFly.

Morgan Stanley said Bloom’s growth ramp is being realized “faster than expected,” per TheFly.

Q1 Report

Bloom Energy reported revenue of $751.05 million, surpassing Wall Street expectations of $540.02 million, according to data from Fiscal AI. Earnings per share (EPS) on an adjusted basis were $0.44, much higher than the estimated $0.13.

For the full year, the company raised its revenue forecast to $3.4 billion to $3.8 billion, up from $3.1 billion to $3.3 billion, and exceeding the estimated $3.24 billion. 

Adjusted EPS was guided in the $1.85 to $2.25 range, up from the previously provided $1.33 to $1.48 range and above the $1.40 estimate.

How Did Retail Traders React?

On Stocktwits, retail sentiment about BE turned ‘extremely bullish’ from ‘bullish,’ while messaging volumes more than quadrupled over the last 24 hours.

One user on the platform claimed that the stock made them an “8-figure millionaire.“

Another user expects the stock to hit $300.

Of the 27 analysts covering the stock, 13 rate it ‘Buy’ or higher, 12 ‘Hold,’ and two ‘Sell,’ as per Koyfin.

BE shares have more than doubled in value so far this year and gained 11-fold over the last 12 months. The stock is set to open at a fresh record high in today's trading session.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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