Why Bloom Energy and Plug Power Shares Surged Today
Bloom Energy (NYSE: BE) stock soared on Tuesday after an analyst saw value in the cheap stock, and was trading up 8.2% as of 2 p.m. EDT. That marks a sharp reversal from yesterday's drop, when Bloom Energy shares tumbled to 11-month lows.
The analyst upgrade also triggered interest in other languishing fuel cell stocks like Plug Power (NASDAQ: PLUG), which rose 2% early in the morning of Oct. 5. Plug Power shares also sank the previous day and hit multi-year lows.
This morning, Raymond James upgraded its rating on Bloom Energy stock to a strong buy, citing attractive valuation after the stock's weakness in recent months and the potential in Bloom Energy's energy solutions that appear underappreciated, especially with rising cases of grid outages. The financial services company slashed its price target on Bloom Energy stock to $29 a share from $33 per share, but that still represents a whopping 71.5% upside from the stock's Monday closing price.
Source Fool.com
