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BE

Bloom Energy

$22.66

0.44 (1.98%)

12:01
08/20/18
08/20
12:01
08/20/18
12:01

Street Fight: Analysts split on Bloom Energy after IPO

Several Wall Street analysts started coverage of Bloom Energy (BE) this morning. While Morgan Stanley analyst Stephen Byrd called the company "a true disruptor" and initiated the stock with a buy-equivalent rating, his peer at Bank of America Merrill Lynch started Bloom with an Underweight rating on high expectations and execution risks over costs and deployment. Highlighting the nearly 80% jump off the $15 IPO back in July 25, Credit Suisse analyst Michael Weinstein initiated coverage of Bloom Energy with a Neutral rating. BUY BLOOM ENERGY: Morgan Stanley's Byrd was among several Wall Street analysts that initiated coverage of Bloom Energy this morning. The analyst started the shares with an Overweight rating and $30 price target, calling the company "a true disruptor" that is revolutionizing on-site power with its natural gas fuel cell systems. The analyst pointed out that he sees a path to "significant" margin expansion and cash flow generation that is not yet reflected in the stock. Furthermore, Byrd believes Bloom has a multi-year lead given its technological advances, cost reductions, high barriers to entry and very limited set of commercial competitors. The analyst sees a "very large" market opportunity that continues to grow for Bloom as costs decline. Meanwhile, his peer at KeyBanc also started Bloom Energy with an Overweight rating and $27 price target. Analyst Tahira Afzal told investors that she views it as being in nascent phases of adoption as a practical, low-emissions power solution for C&I customers who are becoming increasingly emissions conscious and are looking for more weather-resilient energy solutions. Afzal assesses Bloom Energy to be well-placed to deliver close to 40% CAGR volume sales and notable margin expansion into 2020/21. Additionally, she pointed out that she views recent positive free cash flow inflection as sustainable and likely to improve, on an annualized basis. Voicing a similar opinion, JPMorgan analyst Paul Coster also initiated Bloom Energy with an Overweight rating and $32 price target. The analyst argued that Bloom is poised to disrupt the global power market and investors have an opportunity to build positions in a company that is inflecting into profitability over the next two years and is then positioned to grow sales at 25% CAGR with operating leverage for a decade, funded by positive cash flow. BOFA/MERRILL SAYS SELL: Bearish on the stock, Bank of America Merrill Lynch's Dumouln-Smith initiated Bloom Energy with an Underperform and $19 price target, citing high expectations and execution risks over costs and deployment. Smith told investors in a research note of his own that he expects difficulty in reducing costs by 15% and noted he believes pricing may have to be reduced further in order to meet 30%-plus deployment growth, which would significantly impact margins. ON THE SIDELINES: Meanwhile, Credit Suisse's Weinstein started coverage of Bloom Energy with a Neutral rating and $24 price target. After a nearly 80% jump off the $15 IPO, the analyst believes that current pricing captures a fair balance between the risk of executing continued cost reductions and the possible upside from accelerating sales growth once the investment tax credit sunsets in 2023. Oppenheimer analyst Colin Rusch also initiated Bloom Energy with a Perform rating. The analyst acknowledged that he sees the potential for the company to be a core solution provider in disrupting the power market and leading to the possibility for multi-decade growth, but sees limited valuation support at current price levels and also sees significant execution in front of Bloom. Additionally, Baird analyst Ben Kallo and Cowen analyst Jeffrey Osborne started coverage of the stock with Neutral-equivalent ratings. PRICE ACTION: In late morning trading, shares of Bloom Energy have gained over 1% to $22.50.

BE Bloom Energy
$22.66

0.44 (1.98%)

08/20/18
FBCO
08/20/18
INITIATION
Target $24
FBCO
Neutral
Bloom Energy initiated with a Neutral at Credit Suisse
Credit Suisse analyst Michael Weinstein started Bloom Energy with a Neutral rating and $24 price target. After a nearly 80% jump off the $15 IPO, the analyst believes that current pricing captures a fair balance between the risk of executing continued cost reductions and the possible upside from accelerating sales growth once the investment tax credit sunsets in 2023.
08/20/18
COWN
08/20/18
INITIATION
Target $24
COWN
Market Perform
Bloom Energy initiated with a Market Perform at Cowen
Cowen analyst Jeffrey Osborne initiated Bloom Energy with a Market Perform rating as he believes shares are fairly valued and trade at a premium to fuel cell peers. He said he is looking forward to the upcoming product cycle, which should drive down LCOE and expand its total addressable market, which would make him more constructive on the stock. Osborne has a $24 price target on Bloom Energy shares.
08/20/18
08/20/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Tenable Holdings (TENB) initiated with an Outperform at William Blair, a Buy at Stifel, BTIG, and Deutsche Bank, an Equal Weight at Morgan Stanley, as well as a Neutral at JPMorgan. 2. Berry Petroleum (BRY) initiated with an Outperform at Wells Fargo and BMO Capital, an Overweight at Piper Jaffray, as well as a Buy at Goldman Sachs and UBS. 3. Aquestive Therapeutics (AQST) initiated with an Outperform at JMP Securities, BMO Capital, and RBC Capital. 4. Auryn Resources (AUG) initiated with a Buy at H.C. Wainwright. 5. Bloom Energy (BE) initiated with an Overweight at JPMorgan, KeyBanc, and Morgan Stanley, a Market Perform at Cowen, a Perform at Oppenheimer, a Neutral at Credit Suisse and Baird, as well as an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/20/18
08/20/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. JPMORGAN CUTS TESLA PRICE TARGET: JPMorgan analyst Ryan Brinkman reduced his price target on Underweight-rated Tesla (TSLA) back to $195 from $308, telling investors that he is reverting back to valuing shares on the basis of fundamentals alone. While Brinkman said that Tesla "does appear to be exploring a going private transaction," he believes that such a process appears "much less developed" than he had earlier presumed and is "more along the lines of high level intention," suggesting formal incorporation into his valuation analysis "seems premature." NIKE UPGRADED AT TWO FIRMS: Piper Jaffray analyst Erinn Murphy upgraded Nike (NKE) to Overweight from Neutral and raised her price target for shares to $93 from $72, telling investors she believes the risk profile of owning Nike shares has "considerably diminished" and sees Nike moving from downward EPS revisions to upward revisions supported by a stabilizing North America landscape, strong margin and sales drivers and improving brand momentum. Susquehanna analyst Sam Poser upgraded Nike to Positive from Neutral. The analyst cited its market share gains, and gains within the family footwear channel specifically, due to improved product offerings and product flow. He raised his price target to $93 from $78 on Nike shares. QUALCOMM UPGRADED TO BUY: Rosenblatt analyst Jun Zhang upgraded Qualcomm (QCOM) to Buy from Neutral and increased its price target to $70 from $57 citing benefits from 5G smartphone growth over the next few years, Zhang said Qualcomm's 5G RF module is better positioned than their 4G product and should continue to gain share in the high-end market due to MediaTek's smartphone chipset roadmap losing traction. BLOOM ENERGY INITIATIONS ALL OVER MAP: Morgan Stanley analyst Stephen Byrd started Bloom Energy (BE) with an Overweight rating and $30 price target, calling the company "a true disruptor" that is revolutionizing on-site power with its natural gas fuel cell systems. Credit Suisse analyst Michael Weinstein started Bloom Energy with a Neutral rating and $24 price target. After a nearly 80% jump off the $15 IPO, the analyst believes that current pricing captures a fair balance between the risk of executing continued cost reductions and the possible upside from accelerating sales growth once the investment tax credit sunsets in 2023. BofA/Merrill analyst Julien Dumouln-Smith initiated Bloom Energy with an Underperform and $19 price target citing high expectations and execution risks over costs and deployment.

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