Barclays upgrades Bloom Energy to Overweight, company signs 1 GW fuel‑cell power deal with California Resources

BE shares rose 9.1% intraday on Tuesday, Nov. 3, after Barclays upgraded the stock to Overweight from Equal Weight while trimming its price target to $289 from $316. The stock traded as high as $220.50 and last changed hands near $214.05, against a prior close of $196.25. Barclays analyst Christine Cho, per Investing.com, put the target at about 47% upside from Monday's close.

The upgrade rests on demand. Barclays said demand is inflecting more sharply than it expected, citing customer deposits of $661 million in the third quarter versus $78 million at the end of 2025 and about $5.8 billion of long-term supply commitments through 2029, according to Investing.com. A second catalyst: after Monday's close, California Resources and its Carbon TerraVault unit announced a non-binding memorandum of understanding with Bloom to evaluate at least 1 GW of fuel-cell power paired with carbon capture and storage in California.

Because it is an MOU, it is not a contract. The companies' release listed definitive documents, a final investment decision and EPA Class VI permits as conditions. Investing.com reported the shares were up more than 5% in premarket trading after that announcement, so the upgrade and the MOU both fed the move.

Bloom reported third-quarter revenue of $1,235.8 million, up 138.1%, on Oct. 22 and raised its 2026 revenue guidance to $4.4 billion to $4.6 billion, the company's release said. Barclays' stated catch is cash flow: 2027 free cash flow may come in below the Street, and TIKR cited negative free cash flow of $180.6 million in the quarter. MarketBeat noted a trailing P/E above 130. Watch for definitive agreements and permits in California.