Bloom Energy Rebounds on JPMorgan's Bullish Call Despite Oracle and AEP Setbacks
Published on 07/21/2026 at 18:13 | Redaktion boerse-global.de
Bloom Energy shares staged a sharp recovery on Tuesday, climbing 13.11 percent to €195.00, after a grueling stretch that had wiped out more than a third of the stock's value over the prior 30 trading days. The turnaround came after JPMorgan lifted its price target from $267 to $346 while reaffirming an overweight rating, countering a sell-off that had pushed the stock 35.64 percent lower since the end of May.
The investment bank's newfound confidence rests on a long-term view it is articulating for the first time. JPMorgan now forecasts Bloom Energy will deliver 4.1 gigawatts of product shipments by fiscal 2030, underpinned by the recently expanded partnership with Brookfield Asset Management, which provides a financing framework for infrastructure expansion. That horizon stretches well beyond the current headache-inducing headlines.
Those headaches are real and immediate. Projects that were supposed to anchor Bloom's growth trajectory have hit serious snags. Oracle's "Project Jupiter" in New Mexico, designed to absorb up to 2.5 GW of Bloom fuel cells, faces a regulatory dead end after local authorities rejected pipeline applications needed for natural gas supply. The original timeline, which called for energy infrastructure to be ready by mid-August, is now in doubt, with construction potentially slipping into next year. At the same time, an American Electric Power data-center campus in Wyoming has pushed its schedule back by roughly two years within the span of 90 days. The project's developer reportedly walked away in June, adding another layer of uncertainty to the completion of these large-scale orders.
Should investors sell immediately? Or is it worth buying Bloom Energy?
TD Cowen analyst Jeff Osborne, who maintains a hold rating on the stock, highlighted both regulatory hurdles and supply-chain risks as potential threats to the company's long-term financial targets. Those supply-chain fears center on scandium, a rare metal used as a stabilizer in Bloom's solid-oxide fuel cells. China has tightened export licensing for the material, raising questions about whether production capacity could be crimped just as demand from AI data centers is accelerating.
JPMorgan directly rebutted that thesis. The bank pointed to company disclosures showing that Bloom's existing supply chain can support annual manufacturing capacity of up to 25 GW — a figure that dwarfs even its most ambitious near-term production estimates. That argument appears to have taken some sting out of short-seller concerns, at least for the moment.
Technically, the stock is emerging from deeply oversold territory. The 14-day relative strength index jumped to 42.4 on Tuesday after having sunk to 34.9 just days earlier. Still, at €195.00, the shares trade 18.58 percent below their 50-day moving average of €239.49. The annualized 30-day volatility stands at a staggering 119.54 percent, suggesting that violent swings in either direction are likely to persist.
All eyes now turn to July 28, when Bloom Energy reports second-quarter earnings after the market close. Wall Street is looking for revenue of roughly $828 million — a potentially triple-digit increase year over year — and adjusted earnings per share of $0.41, up from $0.10 in the same quarter a year ago. The subsequent analyst call will almost certainly force management to address the Oracle and AEP delays, as well as provide clarity on the scandium supply chain. Concrete updates on new timelines have yet to be offered, and the earnings print could prove the decisive factor in whether the recent recovery has legs or proves to be a mere dead-cat bounce.
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