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Oct. 5, 2021, 7:58 a.m. EDT

Bloom Energy stock bounces off 11-month low after Raymond James gets even more bullish

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By Tomi Kilgore

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.

/zigman2/quotes/209802424/composite
US : U.S.: NYSE
$ 21.98
+0.46 +2.14%
Volume: 1.71M
Dec. 2, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.29 billion
Rev. per Employee
$627,702
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/zigman2/quotes/208932878/composite
US : U.S.: NYSE Arca
$ 47.22
+1.20 +2.61%
Volume: 877,523
Dec. 2, 2022 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,071.70
-4.87 -0.12%
Volume: 0.00
Dec. 2, 2022 5:10p
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