Mizuho starts coverage on Bloom Energy with 'neutral'

Mizuho starts coverage on fuel-cell maker Bloom Energy BE.N with "neutral" rating and $28 PT, a 15.8% upside to stock's last close

Brokerage says co's fuel cells offer alternative to traditional grid electricity, with "quickest and cost-effective way for data center customers and utilities to add electric service"

Says BE's fuel cells provide "baseload power which we estimate is cheaper than industrial electric rates in seven states"

Mizuho adds that co has potential for "zero-carbon products" with use of carbon capture and storage or running fuel cells directly on hydrogen

Notes that co delivering $12 billion to $15 billion in revenue by 2028 is "unclear", pending production capacity upgrade this year

Stock gained 50.5% in 2024