Quick Overview
- JPMorgan’s Mark Strouse lifted the BE price target from $267 to $346 while maintaining an Overweight stance
- Q2 2026 revenue hit a record $1.065 billion, representing a 166% year-over-year increase and exceeding forecasts by 29%
- Non-GAAP earnings per share of $0.78 came in at nearly double Wall Street’s projections
- Full-year 2026 revenue outlook was elevated to a range between $3.9 billion and $4.2 billion
- Strong quarterly performance from CoreWeave, featuring a $104 billion backlog, provided additional momentum
Shares of Bloom Energy (NYSE: BE) climbed over 15% during Wednesday’s morning session, trading around the $237 level as of this writing.
The rally was triggered by JPMorgan analyst Mark Strouse’s decision to increase his price objective on BE to $346 from the previous $267 mark. His Overweight recommendation remained unchanged.
Strouse anticipates that Bloom Energy could achieve 4.1 gigawatts of fuel cell capacity by the end of fiscal 2030, powered by robust demand from AI data center operators seeking rapid, off-grid energy solutions.
The price target adjustment followed an impressive quarterly performance. Bloom Energy reported record second-quarter 2026 revenue of about $1.065 billion.
This represented an approximately 166% jump from the prior year and surpassed Wall Street consensus estimates by close to 29%. The company’s non-GAAP EPS of $0.78 was nearly twice what analysts had anticipated.
Based on these strong results, management increased its full-year 2026 revenue forecast to between $3.9 billion and $4.2 billion.
JPMorgan noted that Bloom had successfully addressed investor worries regarding scandium availability. Current supply levels can reportedly accommodate up to 25 gigawatts of yearly manufacturing output.
CoreWeave’s Strong Performance Boosted Sentiment
The impressive Q2 performance from CoreWeave provided additional tailwinds for BE shares. CoreWeave disclosed $2.58 billion in quarterly revenue alongside a massive $104 billion revenue backlog driven by AI infrastructure needs.
The connection between these companies is clear. CoreWeave relies on Bloom’s solid oxide fuel cell systems to rapidly power its high-density computing facilities.
With CoreWeave expanding its active power capacity beyond 1.85 gigawatts, the need for immediate on-site energy solutions intensifies. This demand directly converts into additional purchase orders for Bloom’s energy server products.
CoreWeave’s CEO Michael Intrator noted that the firm “reached an important inflection point this quarter as our scale began to translate into expanding operating leverage.”
AI Infrastructure Power Requirements Fuel Growth Story
The clean energy industry has been capitalizing on AI-driven power consumption trends, with Bloom positioned at the forefront of this movement.
The firm has secured significant customer contracts, including an extensive Oracle implementation and a strategic Brookfield collaboration. These arrangements solidify Bloom’s role as a key energy provider for AI infrastructure expansion.
Broader market sentiment was modestly positive Wednesday. The S&P 500 rose about 0.3% while the Nasdaq increased roughly 0.6%. Neither of these gains came close to accounting for Bloom’s substantial move.
The upgraded JPMorgan price target served as the catalyst that transformed weeks of post-earnings price consolidation into a decisive upward breakout.
BE shares were trading approximately 12.32% higher at $237.24 when this article was published Wednesday morning.
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