Why Bloom Energy Stock Popped Today
Key Points
Roth Capital raised its Bloom Energy price target by 29% this morning.
Roth predicts strong order flow and guidance for Bloom in Thursday's earnings report.
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Bloom Energy (NYSE: BE) stock jumped 8% through 11:30 a.m. ET Tuesday.
If you own Bloom Energy stock, you can thank Wall Street analyst Roth Capital for that.
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Roth Capital loves Bloom Energy stock
This morning, Roth Capital publicly raised its price target on Bloom stock to $133 per share -- a 29% price target hike -- according to TheFly.com.
Bloom Energy is expected to report its Q4 earnings after close of trading on Thursday, Feb. 5. The actual earnings news probably won't be great; analysts on average forecast $0.30 per share, down from $0.43 a year ago -- and these will probably be only "adjusted" earnings besides, not earnings as calculated according to generally accepted accounting principles (GAAP).
According to Roth, though, that's beside the point, "given the likelihood of order announcements" and strong guidance from Bloom. We don't know precisely what Bloom will give for guidance, but Roth expects the news to be good.
Is Bloom stock a buy?
Now don't get too excited. Bloom stock is already up 575% over the past year, and even Roth has to admit that's a bit... optimistic. "Forward expectations are already factoring in very large order flow and incremental capacity growth in future years," warns the analyst, so Bloom probably won't get much of a bump after earnings.
For this reason, Roth isn't recommending Bloom stock as a buy, and rates it only "neutral." That's still better than what I would recommend, however.
With Bloom stock trading near 2,000 times trailing earnings, and more than 180 times next year's earnings even if it hits its targets, I still think Bloom stock is a sell.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
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