Bernstein SocGen maintained a Market Perform rating on Bloom Energy Inc. but lifted its price target to $282 from $218, citing the company’s exposure to surging data center power demand amid grid constraints.
The firm also shifted its valuation methodology to an EV/EBITDA multiple of 41x applied to Bloom Energy’s combined Adjusted EBITDA for the second half of 2027 and first half of 2028, replacing its prior EV/Revenue approach. The stock last traded at $218.21, implying 29% upside to the new target.
Bloom Energy reported Q2 2026 revenue of $1.07 billion, up 166% year-over-year and surpassing consensus estimates of $645 million. Adjusted EBITDA reached $253 million, well above the $152 million forecast. First-quarter revenue totaled $751.1 million.
The company’s shares have gained 151% year-to-date and 329% over the past 12 months, reflecting investor enthusiasm for its energy solutions targeting data centers facing grid connection delays and development moratoriums. Bernstein SocGen initiated coverage of Bloom Energy two months prior to the report.
Other analysts have taken divergent views. Mizuho upgraded Bloom Energy to Outperform, citing beats on revenue and shipment volumes. Clear Street upgraded to Buy, highlighting potential upside from a recent share price pullback. Truist Securities reduced its price target to $218 and maintained a Hold rating, citing concerns over data center demand. Oppenheimer kept its Perform rating, acknowledging the quarter’s revenue beat, positive guidance revision, and favorable pricing dynamics.
Bernstein SocGen outlined four core investment questions: the total gigawatts of data center energy demand expected through 2030, the share of that demand met by isolated energy solutions, Bloom Energy’s ability to capture a relevant portion of the market, and whether the current valuation reflects the opportunity.
