Bloom Energy falls after Jefferies downgrades stock to 'underperform'

Bloom Energy

24/09/2025 11:08

** Shares of fuel-cell maker Bloom Energy BE.N down 3% at $74.1 premarket

** Jefferies downgrades Bloom Energy to "underperform" from "hold"; raises price target to $31 from $24

** The new price target still represents a 60% downside to the stock's last close

** Brokerage sees limited visibility beyond 2026 and early signs of over-exuberance, suggesting downside risks outweigh further upside at current levels

** "BE's association with Oracle ORCL.N has sparked excitement, especially with OpenAI's Stargate project boosting ORCL's backlog... we estimate this deal could be in the 15–50 megawatt range — good, but not great," adds brokerage

** Says BE's fuel cell delivery is fast, but infrastructure delays can slow deployment

** Jefferies says new PT reflects "mark to market of multiples and higher volume" though brokerage adds it has "no confidence in the volume estimates for 2027"

** 13 of 25 brokerages rate the stock "buy" or higher, 10 "hold" and 2 "sell"; their median PT is $44.5

** As of last close, stock up 248% YTD

 (Reporting by Dharna Bafna)

 ((Dharna.bafna@thomsonreuters.com))