Why Bloom Energy Stock Hit an All-Time High Today

Key Points

• Bloom Energy is becoming a focal point for powering data centers.

• The company's stock has soared by over 600% in the last 12 months.

• Analysts are rapidly raising price targets on the stock.

• 10 stocks we like better than Bloom Energy ›

Bloom Energy (NYSE: BE) stock has been on fire. Shares of the fuel cell maker have rocketed more than 600% in the last year. That includes more than tripling in the past three months, as investors see plenty of potential for Bloom to provide power to data centers.

Wall Street analysts are jumping on the bandwagon, now, too. A new price target increase had the stock soaring as much as nearly 10% today, hitting an all-time high. As of noon ET, Bloom Energy shares were up by 7.2%.

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Wall Street gets on the Bloom Energy train

Today's catalyst was from reports that Morgan Stanley maintained the equivalent of a buy rating on the stock while raising its price target from $44 to $85 per share. The optimism is based on news from July that Bloom will soon begin delivering on-site power through Bloom's fuel cell technology to Oracle's artificial intelligence (AI) data centers.

That news has brought a cascade of Wall Street analyst price target boosts on Bloom stock. A "massive inflection in demand" was one reason cited by Morgan Stanley. Other recent price target raises came from analysts at Wells Fargo, BMO Capital, and RBC Capital.

Oracle's recent earnings report gave Wall Street analysts added confidence that demand for Bloom's fuel cell technology will grow. Oracle gave investors a preview of that upcoming demand -- it expects its cloud infrastructure revenue to jump 77% this fiscal year to $18 billion. That's a nice year-over-year increase, but it pales in comparison to what Oracle management thinks is to come.

Oracle expects that revenue to soar to $144 billion by 2030. That means data center capacity needs will be soaring, too. Bloom's relationship with Oracle gives it an advantage to support that growth. That has investors and Wall Street analysts piling into Bloom Energy stock.

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Wells Fargo is an advertising partner of Motley Fool Money. Howard Smith has positions in Bloom Energy and has the following options: short October 2025 $60 calls on Bloom Energy. The Motley Fool has positions in and recommends Oracle. The Motley Fool has a disclosure policy.