We recently published All-Time Rush: 8 of 10 Big Names Hit Fresh Record Highs. Bloom Energy Corp. is one of the best performers on Wednesday.
Shares of Bloom Energy climbed to a new all-time high on Wednesday, as investors continued to load up positions after earning a sky-high price target upgrade from an investment firm.
During the session, Bloom Energy Corp. rose to its highest price of $80.71 before trimming gains to end the day just up by 8.71 percent at $79.67.
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Earlier this week, Morgan Stanley raised its price target for the company by 93 percent to $85 from $44 previously, while maintaining an “overweight” rating for the stock. The new price target marked a 5.3 percent upside potential from its latest closing price.
According to Morgan Stanley, the upgrade was based on Bloom Energy Corp.’s supply agreement with Oracle Corp., under which it will deliver fuel cell technology to select Oracle Cloud Infrastructure (OCI) data centers in the US to support the growing demand for its cloud computing services.
Details about expected revenues and supply volume have not been disclosed.
Additionally, Bloom Energy Corp. hinted at similar deals “coming soon.”
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This article is originally published at Insider Monkey.
