Analyst Chris Dendrinos initiated coverage of the electric and hydrogen power company with an outperform rating.
His price target of $24 implies shares soaring 54.3% from Thursday's close. Shares were up more than 2% Friday before 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 wrote in a Thursday note.
The company's increasing traction in Europe, improving cost structure and lower natural gas prices are helping its growth and profitability prospects, he added. "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," said Denidros.
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