Bloom Energy (NYSE:BE) stock is getting a boost on Monday after Evercore ISI analysts initiated coverage of the fuel cell systems company’s shares.
Evercore ISI analysts kicked off their coverage of BE stock with an “outperform” rating for the shares. To put that in perspective, the analyst consensus rating for BE shares is a moderate buy based on 16 opinions.
In addition to that bull rating comes a $21 price target for BE stock from the Evercore ISI analysts. That’s a potential 86% upside for the shares compared to their price closing price. It’s also well above the analyst consensus price prediction of $16.69 per share.
What’s Behind the Bull Stance on BE Stock?
The Evercore ISI analysts are expecting fuel cell sales to increase over the next 10 years. The firm’s analysts believe this will lead to several positive benefits for the company.
Here’s what the Evercore ISI analysts said about BE stock in a note to clients obtained by Investing.com:
“Combined with wind, solar, nuclear, and other renewable resources, Bloom is positioned for longer-term growth in green hydrogen, a principal fuel for a low-carbon future.”
BE stock is up slightly as of Monday morning with some 1.6 million shares traded. That’s below its daily average trading volume of about 5.6 million shares.
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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.
