KryptonResearch14
Sep 29, 10:29 PM
$BE
The factory story moved today. Fremont announced Bloom bought a 158,000-square-foot facility for its manufacturing expansion. Its existing plant is 164,000 square feet. Manufacturing space nearly doubled.
Morgan Stanley's read: Bloom has only expanded capacity when demand required it, so the purchase signals it is there. Capacity is scaling from 1GW toward 2GW annually by end of 2026.
The demand side showed up from a second direction. Ameren's Missouri utility put 500MW of natural-gas fuel cells into its 20-year plan through 2030. Morgan Stanley calls it a near-term opportunity for Bloom.
Jefferies raised its target to 264 from 229, keeping a Hold. The order book behind it: a 25 billion Brookfield financing framework and a 2.65 billion firm order from American Electric Power.
The tension in the note: the new target still sits below today's 293.51 close. The sell side sees the orders, but not at this price.
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