Citi Initiates Coverage of Bloom Energy Corporation (BE) with a Neutral Rating

Group 1 - Citi initiated coverage of Bloom Energy Corporation (NYSE:BE) with a Neutral rating and a price target of $162, citing strong uptake for Bloom's solutions amid rising power demand, but believes shares are fairly valued [1] - Jefferies raised its price target for Bloom to $102 from $92 while maintaining an Underperform rating, highlighting a $6 billion backlog for near-term visibility but limited clarity on future capacity expansions [2] - Mizuho increased its price target to $110 from $89 with a Neutral rating, noting impressive projected gross margin accretion in 2026 driven by cost reductions and higher capacity utilization [2] - BofA lifted its price target to $71 from $39 while keeping an Underperform rating, indicating a clear improvement in near-term visibility after a strong Q4 performance, but suggesting the stock is priced for a smooth multi-year ramp in shipments and margin normalization [2] - Bloom reported Q4 adjusted EPS of 45 cents versus a consensus of 30 cents and revenue of $777.7 million compared to a consensus of $645.32 million [2] - CEO KR Sridhar emphasized the shift of "bring-your-own-power" from a slogan to a business necessity for AI hyperscalers and manufacturing facilities, describing the trend as secular and growing [2] Group 2 - Bloom Energy designs, manufactures, sells, and installs solid oxide fuel cell systems for on-site power generation both in the United States and internationally [3]