BMO Capital increased its price target for Bloom Energy Corp. (NYSE: BE) to $149.00 from $136.00 on Friday, while keeping a Market Perform recommendation on the fuel cell company’s shares.
The move followed Bloom Energy’s year-end 2025 earnings call, where company management issued financial guidance for 2026 that outpaced analyst expectations. At the midpoint, Bloom sees 2026 revenue of $3.2 billion - materially above BMO’s prior estimate of $2.7 billion and the consensus projection of $2.5 billion. The guidance also calls for 200 basis points of gross margin expansion and $500 million in adjusted EBITDA.
BMO noted several drivers behind its decision to lift the price target. The firm pointed to a 2.5-fold increase in Bloom’s product backlog to $6 billion, and it raised its forecasts for 2026 and subsequent periods to reflect that backlog growth. Bloom’s recent momentum is supported by 37.3% revenue growth in the last twelve months.
Despite the upgraded target and bullish guidance, BMO retained its Market Perform rating. The firm stated that "key debates remain about additional upside from here" despite what it characterized as the company’s "sufficiently emphatic" financial guidance - language that signals the analyst sees the guidance as strong but not decisive evidence of sustained upside beyond current expectations.
Bloom also reported robust fourth-quarter results for 2025 that significantly exceeded Wall Street forecasts. The company posted earnings per share of $0.45, above the projected $0.30 - a 50% surprise to the upside. Revenue for the quarter was $777.7 million, topping the anticipated $640.07 million by 21.5%.
In addition to the beat-and-raise tone of the guidance and the quarter, the stock has delivered a dramatic one-year return. According to InvestingPro data cited by market observers, Bloom Energy’s share price has risen 451% over the past year.
Market reaction was mixed in the immediate aftermath of the earnings release: the shares declined in after-hours trading despite the strong reported results and elevated guidance. Observers note the continued focus on whether management’s 2026 targets and the enlarged backlog will produce sustained margin and earnings progression in line with investor expectations.
Summary - Bloom Energy’s update combined an ambitious 2026 outlook, a substantially larger backlog and a strong quarter, prompting BMO to raise its price target while leaving the stock at Market Perform amid unresolved questions about further upside.