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