Easing Concerns with Strong Results: Earnings Beat & Surprise Guidance Raise

Research evidence excerpt

Easing Concerns with Strong Results: Earnings Beat & Surprise Guidance Raise

Idea

July 29, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMBloom Energy Corp. | North America David Arcaro, CFA

Equity Analyst

Easing Concerns with Strong David.Arcaro@morganstanley.comJeremy Herring +1 212 761-1817

Research Associate

Jeremy.Herring@morganstanley.com +1 212 761-4182

Results: Earnings Beat & Alexandre Zimmermann

Alexandre.Zimmermann@morganstanley.com +1 212 761-3617

Surprise Guidance Raise Zhizhong Dong

Jonathan.Dong@morganstanley.com +1 212 761-5632

AlphaSignals Earnings Reaction Amanda Huang

Strengthens our thesis Meaningful upside Meaningful revision higher Amanda.Huang@morganstanley.com +1 212 761-4197

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Bloom Energy Corp. (BE.N, BE UN)

Source: Company data, Morgan Stanley Research

Clean Tech | United States of America

Bloom has now raised 2026 full year guidance two consecutive StockIndustryRatingView OverweightIn-Line

quarters in a row and offered positive updates on demand, Price target $310.00

Shr price, close (Jul 28, 2026) $166.84

pricing, customer/project diversification and protections, and Mkt cap, curr (mm) $40,646

52-Week Range $351.25-32.63

scandium supply. This reinforces our confidence in the growth

outlook and BE's ability to execute

Our takeaways on key investor debates: Continued confidence in scandium

availability - we didn't hear new information but think this concern will diminish

given confident messaging around supply chain not being a limiting factor at all on

the growth outlook. On the risk of project delays (i.e. Project Jupiter in NM), the

guidance raise should lower concerns around near-term financial impacts and the