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Bloom Energy (NYSE:BE) stock is on the rise Wednesday after the solid-oxide fuel cell systems company’s shares were upgraded by Robert W. Baird analysts.
That upgrade has analysts at Robert W. Baird bumping shares of BE stock up from a “neutral” rating to an “outperform” rating. For the record, the analysts’ consensus rating for BE shares is a moderate buy based on 15 opinions.
To go with that upgrade, the Robert W. Baird analysts also increased their price target for BE stock. That pushes it up from $16 per share to $22 per share. This represents a potential 62.5% increase over its prior closing price. This is also bullish compared to the analysts’ consensus price predictions of $20.31 per share.
Drivers Behind the BE Stock Upgrade
The Robert W. Baird analysts are taking a bullish stance on BE stock over expected benefits in the coming months. This includes anticipated cost reductions, manufacturing improvements, and electrolyzer sales announcements.
It is also worth mentioning the strength of Bloom Energy’s core business. The analysts believe that this keeps it in a positive position with customers, such as data centers and hospitals.
BE stock is up 5.9% as of Wednesday morning with approximately 70,000 shares changing hands. This is still a far cry from its daily average trading volume of 5.3 million shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.