Bloom Energy is placed for “robust growth” as need for fuel cells stays strong, according to RBC Capital Markets. Analyst Chris Dendrinos started protection of the electrical and hydrogen power business with an outperform ranking. His rate target of $24 indicates shares skyrocketing 54.3% from Thursday’s close. Shares were up more than 2% Friday prior to the bell. “Our outlook is underpinned by our belief that emissions regulation and social pressures to decarbonize will remain a tailwind for adoption, and that customers will continue to favor BE’s value proposition,” Denidros composed in a Thursday note. “We believe the growth and positive financial outlook are underappreciated at the current share price and warrant a premium to peers given the more favorable positioning,” he included. Denidros believes Bloom Energy is moving past its headwinds of Covid, inflation and raised gas rates, which he stated provided an overhang on the business’s assessment over the last couple of years. The business’s increasing traction in Europe, enhancing expense structure and lower gas rates are assisting its development and success potential customers, he included. “Our analysis shows that BE’s vertical sales approach is unlocking incremental value and that there continues to be a strong opportunity to grow the customer base,” stated Denidros. “Bloom has demonstrated its customers tend to take a more holistic approach to valuing its services and are willing to pay for the incremental value, which the company attributes to its offerings’ reliability, flexibility, sustainability, and short time-to-power,” he continued. He highlighted the business’s “solid traction” with its consumer base in the information center, telecom and healthcare sectors. The stock has actually decreased by more than 18% year to date. Shares have actually likewise tipped over by more than 15% over the previous 12 months. —CNBC’s Michael Bloom added to this report.