Analyst Forecasts Bloom Energy Stock to Reach $16

Is Bloom Energy Stock Going to $16?

One analyst thinks that powering data centers will help this fuel cell company charge higher. While shares of Bloom Energy (NYSE: BE) may not power as high as previously thought, Biju Perincheril, an analyst at Susquehana, still thinks there's ample room for the fuel cell specialist's stock to run. Cutting the price target down from $18 on Wednesday, Perincheril now has a $16 price target for Bloom Energy stock.

With this fuel cell stock's financials, it's a matter of time

According to Thefly.com, Perincheril predicated his price target on updated expectations of project timing during the coming quarters. In particular, the analyst noted that Bloom Energy is pursuing opportunities related to data centers, and it's possible that it could recognize these projects in its backlog in the second half of 2024. Bloom Energy ended 2023 with $12 billion in backlog -- a year-over-year increase of 21%.

Before you plant Bloom stock in your portfolio and expect it to blossom, watch the backlog

Those who are interested in charging their portfolios up with a hydrogen stock are smart to have Bloom Energy on their radars. While it's still not consistently profitable or capable of generating organic cash flow, it's a lot closer than its main competitor, Plug Power. That being said, it's still important for prospective investors to appreciate the risks associated with an investment in Bloom Energy. Should you invest $1,000 in Bloom Energy right now?