Bloom Energy falls after Jefferies downgrades stock to 'underperform'

Shares of fuel-cell maker Bloom Energy BE.N down 12% at $67.9

Jefferies downgrades Bloom Energy to "underperform" from "hold", but raises price target to $31 from $24

The new price target still represents a 60% downside to the stock's last close

Brokerage sees limited visibility beyond 2026 and early signs of over-exuberance, suggesting downside risks outweigh further upside at current levels

"BE's association with Oracle ORCL.N has sparked excitement, especially with OpenAI's Stargate project boosting ORCL's backlog... we estimate this deal could be in the 15–50 megawatt range — good, but not great," brokerage says

BE's fuel cell delivery is fast, but infrastructure delays can slow deployment - Jefferies

New PT reflects "mark-to-market of multiples and higher volume", brokerage says, adding that it has "no confidence in the volume estimates for 2027"

BofA also raises PT to $24 from $21, implying an about 70% downside to stock's last close

13 of 25 brokerages rate the stock "buy" or higher, 9 "hold" and 3 "sell" or lower; median PT is $44.5 - data compiled by LSEG

Including session's moves, stock has nearly tripled YTD