Bloom Energy positioned for ‘robust growth and improving profitability’

RBC Capital started Bloom Energy (NYSE:) at Outperform with a $24 price target in a note to clients Friday.

Analysts told investors that they see the company as positioned to play a role throughout the energy transition.

“Our outlook is underpinned by our belief that emissions regulation and social pressures to decarbonize will remain a tailwind for adoption, and that customers will continue to favor BE’s value proposition,” said the analysts.

They explained that the company’s solid oxide platform is highly efficient, and its low-emissions intensive fuel cells are widely deployed today.

“We believe the growth and positive financial outlook are underappreciated at the current share price and warrant a premium to peers given the more favorable positioning,” the analysts added. “We believe Bloom is positioned for robust growth and improving profitability through the end of the decade.”