Sumary of Why Shares of Bloom Energy Bounced Higher This Week:
- What happened Turning a cold shoulder to Bloom Energy (NYSE:BE), shareholders hadn’t found much to celebrate through the first half of July as shares tumbled nearly 25%.
- This week, however, investors are warming back up to the stock.
- As of the market’s close on Thursday, shares of Bloom Energy are up 7.8% for the week.
- In addition to the company announcing two new projects, investors drove the fuel cell stock higher in response to Wall Street’s favorable outlook on its prospects.
- construction of the 4.2-megawatt facility is expected to begin by the end of 2021. News of the CHP project wasn’t the only thing pushing shares higher, though, as an analyst revealed his bullish stance on the company’s shares.
- Mark Strouse, an analyst with JPMorgan, raised his price target on the stock to $34 from $29 while keeping an overweight rating, according to TheFly.
- JPMorgan’s optimistic take on Bloom Energy follows a similar move from Credit Suisse, which assigned an overweight rating on the stock and a $35 price target.