Raymond James analyst Pavel Molchanov keeps his Outperform rating on Bloom Energy, saying today's 40% decline in the stock price is a "classic overreaction" and an opportunity to pick up shares with a medium-term perspective in mind. The analyst contends that "nothing" in yesterday's management commentary was "game changing". Molchanov added that the concerns around bigger pricing decline in California and New York with a state-level 100% renewable power targets for 2040 should be a one-off as the company focuses on diversifying beyond the coastal U.S.