All Eyes on Bloom Energy’s (BE) Backlog as Jefferies Lifts PT but Keeps “Underperform”

Bloom Energy Corporation (NYSE:BE) is one of the AI Stocks on the Market’s Radar. On October 31, Jefferies raised its price target on the stock to $53.00 from $31.00 while maintaining an “Underperform” rating. According to the firm, the recent BAM deal is the primary reason for the price target increase.

Brookfield Asset Management recently announced plans to invest up to $5 billion in Bloom’s solid-oxide fuel cell technology, fuelling the next wave of AI-driven data centers.

Despite the price target increase on the deal, the firm remains hesitant and continues to seek clarity regarding the profitability of the joint venture structure.

In this aspect, fourth quarter is going to be a key marker for investors with BE likely to disclose its backlog. Ideally, this will include a significant portion of sales for 2026 and 2027.

“We hesitantly raise our ests on the heels of the BAM deal but still seek clarity around profitability of the JV structure and how that truly impacts BE’s cash flows. Separately, we expect 4Q will be a key marker for investors as the co will disclose their backlog, which should ideally bake in a significant portion of ’26 / ’27 sales. Timing of deployment remains critical to meet elevated investor expectations.”

Bloom Energy Corporation (NYSE:BE) develops solid-oxide fuel cell systems for on-site power generation, helping meet the growing energy demands of AI data centers.

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