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 analyst consensus rating for BE shares is 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. That represents a potential 65% increase over its prior closing price. It’s also bullish next to the analyst consensus price prediction of $20.31 per share.
What’s Behind the BE Stock Upgrade?
Robert W. Baird analysts are taking a bullish stance on BE stock over expected benefits in the coming months. That includes cost reductions, manufacturing improvements and electrolyzer sales announcements.
Also worth mentioning is the strength of Bloom Energy’s core business. The analysts believe that this keeps Bloom in a positive position with customers, such as data centers and hospitals.
BE stock is up 5.9% as of Wednesday morning with some 70,000 shares changing hands. That’s still a far way off from its daily average trading volume of 5.3 million shares.
Investors who want even more of the most recent stock market stories for Wednesday are in luck!
We have all of the biggest stock market stories that traders need to know about today! Among that is what’s going on with shares of Rail Vision (NASDAQ:RVSN), Roma Green Finance (NASDAQ:ROMA) and iCoreConnect (NASDAQ:ICCT) stock today. You can catch up on these topics at the following links!
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On the date of publication, William White did not hold (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.
