New York, Feb 26, 2026, 15:33 EST — Regular session
- Bloom Energy shares slid roughly 4%, pulling back after hitting a record high just the previous day.
- Citigroup kicked off its coverage, assigning a Neutral rating and setting the price target at $162.
- Traders are on the lookout for new data-center orders, as well as signs that 2026 guidance will actually stick.
Bloom Energy (NYSE: BE) dropped roughly 4% to $167.74 Thursday afternoon, retracing some ground after a rapid two-session climb sent the stock to record highs. 1
Bloom’s slide stands out—it’s a high-beta name now linked to the “bring-your-own-power” push for AI data centers, and the stock’s hypersensitive to shifts in sell-side opinion. New analyst notes can jolt the shares, bullish or not.
The stock slipped Thursday, edging toward the price Citigroup pegged as fair value when it initiated coverage this week with a target under recent highs. That spread is what traders are working through right now.
Citi’s Vikram Bagri initiated coverage of Bloom Energy with a Neutral rating and a $162 price target, citing “strong uptake” for the company’s solution as power demand picks up. Still, Bagri called the stock fairly valued at these levels and prefers to wait for a more attractive entry. 2
Shares jumped 6.5% Wednesday, hitting a fresh record, despite Citi striking a notably cautious note in its new coverage. 3
Bloom’s business centers on solid oxide fuel cell systems, devices that create electricity via electrochemical reaction, pitched to customers seeking their own on-site power solutions—data centers, for example. The company is also selling hydrogen electrolyzers, using the same underlying technology.
Back in early February, the company posted 2025 revenue at $2.02 billion, putting its total current backlog near $20 billion—about $6 billion of that tied specifically to current product orders. Looking ahead, management is guiding for 2026 revenue between $3.1 billion and $3.3 billion, with non-GAAP EPS projected in the $1.33 to $1.48 range. Chief executive KR Sridhar summed it up: “bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers.” 4
The rally’s been pinned to that outlook, especially the portion of the backlog that actually gets shipped. But with shares moving up so fast, there’s barely any room for error. Investors are quick to react to any signal that suggests valuation could be stretched, or that big projects might face delays.
Heading toward the close, the focus turns to whether this pullback is simple profit-taking after a record rally, or if it’s an early sign of shifting sentiment as additional banks roll out their first coverage and price targets.
Execution stands out as a major risk here—Bloom has to turn its backlog into revenue without letting margins or cash flow slip, and any holdup in rolling out major customer projects could put a dent in near-term figures. The company’s guidance leans on non-GAAP measures, too, which don’t always line up with GAAP numbers and can make quarterly moves look bigger than they are.
Next, attention shifts to Bloom’s upcoming quarterly results, expected May 5. Traders are eyeing order trends from data-center clients and any signals on whether the 2026 forecast remains intact. 5
