Raymond James Remains Bullish On Bloom Energy, Cuts Price Target By 20%

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  • Raymond James analyst Pavel Molchanov lowered the price target on Bloom Energy Corp BE to $27 (an upside of 50%) from $34 and maintained a Strong Buy rating on the shares.
  • Bloom's foray into electrolyzers in 2022 offers pre- revenue optionality vis-a-vis green hydrogen, bolstered by aggressive targets in EU climate policy.
  • RelatedWhy Bloom Energy Shares Are Rising
  • The company reported better than expected Q4 results, with revenue growth of 37.3% year-over-year to $342.5 million, beating the consensus of $307.99 million.
  • The company reported acceptances of 735 systems in the quarter, up 63.3% Y/Y. Backlog was at 6,549 systems, compared to 1,994 in 2020.
  • Adjusted EPS improved to $(0.05) from $(0.08) in 4Q20, missing the consensus of $(0.04).
  • The gross margin declined by 540 bps to 20.1%, and the adjusted operating margin contracted by 320 bps to 1.6%.
  • Adjusted EBITDA was $18.69 million (-26.8% Y/Y), and margin contracted by 480 bps to 5.5%.
  • Net cash used in operating activities for the year stood at $60.68 million, compared to $98.79 million a year ago.
  • FY22 Outlook: Bloom expects revenue of $1.1 billion - $1.15 billion; non-GAAP gross margin of ~24%; non-GAAP operating margin of ~1%, and positive cash flow from operations.
  • The company increased its long-term revenue growth outlook five points to 30-35% over the next ten years.
  • Price Action: BE shares are trading higher by 15.6% at $17.91 on the last check Friday.
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