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BE

Bloom Energy

$4.59

-3.41 (-42.63%)

20:56
08/13/19
08/13
20:56
08/13/19
20:56

Bloom Energy selloff a 'classic overreaction', says Raymond James

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.

BE Bloom Energy
$4.59

-3.41 (-42.63%)

08/13/19
JPMS
08/13/19
NO CHANGE
Target $18
JPMS
Overweight
Bloom Energy price target lowered to $18 from $33 at JPMorgan
JPMorgan analyst Paul Coster lowered his price target for Bloom Energy to $18 from $33 after the company reset its expectations for fiscal 2020. Bloom expects unit volumes in 2020 to grow at about 30% year-over-year, but average selling prices are expected to decline at a similar rate, yielding flattish year-over-year revenue growth, Coster tells investors in a research note. The analyst reduced his estimates but finds it encouraging that Bloom Energy continues to expect to generate positive free cash flow in the second half of 2019 and fiscal 2020. Some U.S. state and local authorities are considering moratoria on gas distribution pipeline deployments, in "aggressive pursuit" of de-carbonization and 100% renewable goals, the analyst points out. Bloom "could be the proverbial canary in a coal mine" as commercial end-customers hit the pause button on gas investments, contends the analyst. He keeps an Overweight rating on the shares, however.
08/13/19
FBCO
08/13/19
NO CHANGE
Target $20
FBCO
Outperform
Credit Suisse sees more 'speed bump than a roadblock' for Bloom Energy
Credit Suisse analyst Michael Weinstein lowered his price target for Bloom Energy to $20 from $22 and keeps an Outperform rating on the shares following the company's Q2 results. Management cautioned against revenue growth expectations next year amid delays due to customer hesitancy in high selling price states like New York and California with unclear carbon policy as applied to fuel cells, Weinstein tells investors in a research note. The analyst, however, believes Bloom's cautious tone around sales and revenue in 2020 "seems more indicative of a speed bump than a roadblock." His "enthusiasm for Bloom is undiminished," especially at the current stock price. Bloom Energy shares in early trading are down 34%, or $2.67, to $5.29.
08/13/19
BOFA
08/13/19
DOWNGRADE
BOFA
Underperform
Bloom Energy downgraded to Underperform from Neutral at BofA/Merrill
08/13/19
BOFA
08/13/19
DOWNGRADE
Target $6
BOFA
Underperform
Bloom Energy downgraded to Underperform on FY20 uncertainty at BofA/Merrill
As previously reported, BofA Merrill Lynch analyst Julien Dumoulin-Smith downgraded Bloom Energy to Underperform from Neutral following the company's Q2 results and after the company reset its expectations for fiscal 2020. The company guided to an Average Selling Price decline of 30% year-over-year and guided to only 30% deployment growth in FY20, down from the 40% structural growth that was previously expected, noted the analyst. While he said that the reduction in his price target on the stock to $6 from $13 "is material," Dumoulin-Smith said he sees a risk that if growth decelerates further, it could drive further downside.

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