Bloom Energy (NYSE:BE) stock could see a major rally as one analyst set a bullish price prediction for the shares.
JPMorgan Chase analyst Mark Strouse is behind this news as he assigned a new price target of $20 per share to BE stock. Funnily enough, that’s a $2 drop from its prior price target but still represents a roughly 45% upside. Even if it’s below the analysts’ consensus price target of $28.19 per share.
With that updated price prediction comes an upgrade for BE stock. Strouse bumped shares up from a “neutral” rating to an “overweight” rating. For comparison, the analysts’ consensus rating is “moderate buy” based on 15 opinions.
What’s Behind That BE Stock Upgrade?
Here’s what the JPMorgan analyst said about BE stock in a note to clients obtained by CNBC:
“We believe the recent pullback … is overdone and that investors can take advantage of the volatility to add to positions in a stock that we believe will be a long-term beneficiary of the energy transition.”
Traders will also want to keep an eye on BE stock next week. The company is holding an investor conference On Tuesday at 12:30 p.m. Eastern. Executives from the company will host presentations covering its multiyear growth strategy, international expansion, and other topics.
BE stock is up 6.4% as of Friday morning but is still down 23.9% since the start of the year.
There’s even more stock market news traders will want to know about below!
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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.