TLDR
- Bloom Energy (BE) stock rose about 5% in Friday morning trading, hitting a session high near $297.59.
- RBC Capital reiterated an Outperform rating and $335 price target, citing Virginia’s new energy plan.
- The 2026 Virginia Energy Plan creates a “non-combustion gas resource” category favoring fuel cells, with room for up to 5 GW of capacity by 2035.
- Barclays raised its price target to $308 from $276, pointing to a new Fremont, California facility that nearly doubles manufacturing capacity.
- The stock is up more than 219% year-to-date, boosted by record second-quarter revenue above $1 billion.
Bloom Energy (BE) stock is having another strong morning. The stock climbed roughly 5%, touching a session high of $297.59 before settling slightly lower.
The move follows a batch of bullish analyst notes tied to a new state energy policy. Virginia released its 2026 Energy Plan on Thursday, and Wall Street likes what it sees for fuel cells.
RBC Capital analyst Christopher Dendrinos reiterated an Outperform rating on the stock Friday morning. He kept his price target at $335, well above where the stock currently trades.
Dendrinos called the Virginia plan a positive sign for Bloom. He said it shows policymakers increasingly favor cleaner, quieter power alternatives over traditional gas plants.
What’s In The Virginia Plan
The plan introduces a new category called “non-combustion gas resource.” Fuel cells are named as a preferred technology for near-term grid reliability under this classification.
Virginia wants up to 5 gigawatts of this type of capacity deployed between 2029 and 2035. That’s a sizable opportunity for Bloom’s utility business if it comes to fruition.
Dendrinos pointed to practical advantages too. Fuel cells can be deployed in 18 to 24 months, compared to years for conventional gas plants, and don’t require major new pipeline investment.
Barclays also raised its price target Thursday, moving it to $308 from $276. The firm cited Bloom’s acquisition of a second 158,000-square-foot facility in Fremont, California.
That new facility is expected to nearly double the company’s manufacturing capacity. Barclays also flagged a utility market filing as evidence of Bloom pushing into new commercial territory.
Morgan Stanley has kept its own Overweight rating, with a $310 target. Among analysts covering the stock, 15 rate it a buy, 12 a hold, and 2 a sell.
A Big Year For Bloom
This isn’t a one-day story. The stock has climbed more than 219% since the start of 2026.
September alone brought a roughly 29% gain, helped by Bloom’s addition to the S&P 500. That inclusion tends to bring in new buyers through index funds.
The company’s second-quarter results also fueled momentum. Revenue topped $1 billion for the first time, up 166% from a year earlier.
Bloom raised its full-year 2026 revenue guidance too, now expecting between $3.9 billion and $4.2 billion. That’s a meaningful jump from prior expectations.
The broader market gave Bloom some extra wind on Friday. The S&P 500 was up about 1%, the Nasdaq around 1.4%, and the Dow roughly 0.7% higher.
Bloom carries a five-year beta above 3.5, meaning it tends to swing harder than the market in either direction. On a green day like this one, that volatility works in its favor.
One insider filing also surfaced this week. An officer sold stock tied to routine RSU vesting, a pre-planned transaction that typically carries little signal about company direction.
By the time of publication Friday, Bloom Energy stock traded up 3.83% at $288.21, according to Benzinga Pro data. Virginia Governor Abigail Spanberger wrote that the state’s energy system “will need to grow at a pace we have not seen in more than 80 years.”
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