Bloom Energy’s stock climbed on Tuesday following a significant price target increase from JPMorgan. The investment bank raised its target by 29.6 percent to $346 from the previous $267, while maintaining an overweight rating on the fuel cell manufacturer.
JPMorgan’s upgrade reflected confidence in Bloom Energy’s ability to deliver 4.1 gigawatts of fuel capacity by fiscal year 2030. The analyst note emphasized strong demand from companies seeking immediate, off-grid power solutions for data centers. The bank also noted that delays in connecting data centers to utility grids could benefit behind-the-meter power providers like Bloom Energy.
Investors were also positioning ahead of the company’s second quarter earnings release, scheduled for after market close on July 28, 2026. Market participants were expected to monitor updated annual guidance, particularly following the company’s announcement last month of a fivefold expansion of its power financing partnership with Brookfield to $25 billion from $5 billion. The expanded collaboration aims to combine Brookfield’s expertise in AI infrastructure with Bloom Energy’s onsite power platform to serve hyperscalers and AI infrastructure developers.
Institutional interest in the company remained strong, with hedge fund holdings increasing. As of the first quarter, 91 hedge funds held positions in Bloom Energy, up from 88 in the prior quarter. Combined institutional holdings reached $4.48 billion, up from $3.17 billion quarter-over-quarter, indicating growing confidence among major investors in the company’s long-term prospects.
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