Morgan Stanley analyst Stephen Byrd noted the 21% drop yesterday in Bloom Energy shares, which he sees being due to a negative short-seller research report on the stock. He maintains an Overweight rating on Bloom shares while stating that he is still investigating several of these claims. On the report's concern regarding debt maturities in 2020 and 2021, Byrd said he thinks "this certainly is a valid consideration for investors," but said the company's $308M in cash as of Q2 provides a good start to satisfy this obligation and he sees flexibility to manage the liabilities. On the claim that Bloom has higher emissions than the grid in some states, Byrd noted that Bloom's business started in the cleanest grids in the U.S. and he sees the longer-term appeal of the business model coming as costs decline further and the company penetrates more markets where the existing generation fleet is much more coal-heavy. On the report's allegations about $2.2B in undisclosed servicing liabilities, Byrd said the report used a small subset of installations to back up its claims.