Shares of Bloom Energy Corp /zigman2/quotes/209802424/composite BE +2.14% rallied 3.5% in premarket trading Tuesday, to bounce off an 11-month closing low in the previous session, after Raymond James analyst Pavel Molchanov said he was even more bullish on the hydrogen play, citing a more attractive valuation. Molchanov raised his rating to strong buy from outperform, saying the stock's recent underperformance, as it has shed 41.0% year to date while the Invesco WilderHill Clean Energy ETF /zigman2/quotes/208932878/composite PBW +2.61% has lost 28.6% (the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.12% has rallied 14.5% this year), has made it more attractive. "As a textbook story stock in one of clean tech's most popular but polarizing verticals, Bloom is a high-beta, aggressive growth idea," Molchanov wrote in a note to clients. "We look at Bloom's positioning vis-à-vis energy resilience solutions--in the context of climate adaptation, specifically the growing prevalence of grid outages--as an aspect of the business that is not fully appreciated." He said the upcoming foray into electrolyzers offers pre-revenue optionality, bolstered by targets in European Union climate policy.