The firm believes Bloom Energy will see several meaningful tailwinds ahead, and is trading at an attractive discount relative to its peers.
There are several promising tailwinds ahead for Bloom Energy , according to Morgan Stanley. The bank named the stock a top pick, reiterating reiterated its overweight rating on shares. It also maintained its $29 price target, implying shares could jump 92% from where they closed on Tuesday. Bloom Energy "is our Top Pick in clean tech, [and] a key beneficiary of several key themes," according to analyst Andrew Percoco.
"The growing demand for BE's fuel cell technology, coupled with its ability to consistently reduce its product costs by 10%-15% per year should drive meaningful margin expansion and FCF generation in 2024 and 2025, which is not reflected in current valuation," Percoco said. The analyst calculates shares trading at a 37% discount relative to its hydrogen peers, based upon 2025 enterprise value-to-sales numbers.
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