FuelCell Energy surged 6% on AI power deal momentum while Bloom Energy dropped 6%, cracking the fuel-cell sector's typically unified trade; meanwhile, Plug Power stock slid 2% on Monday afternoon.
TD Cowen flagged Oracle and AEP data center delays as threats to Bloom Energy's 2027 and 2028 estimates, calling the stock fully valued at 514x P/E.
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Shares of FuelCell Energy (NASDAQ:FCEL) are up 6% to $19.63 in Monday morning trading, while Bloom Energy (NYSE:BE) shares are down 6% to $202.92. The split reveals a fuel-cell trade that has stopped moving as one.
Peer Plug Power (NASDAQ:PLUG) shares are down 2% to $2.13, still stuck in the low single digits after a punishing multi-year drawdown. Year to date (YTD), Bloom Energy stock is up 133%, FuelCell Energy stock has gained 167%, and Plug Power stock is up by just 7%.
The setup matters because all three names ride the same AI data center power thesis. Today, the market is cheering one and doubting another, and it doesn't look like a coincidence.
Bloom Energy shares are under pressure after TD Cowen reiterated a Hold rating with a $235 price target this morning. The analyst flagged that flagship Oracle (NYSE:ORCL) and American Electric Power (NASDAQ:AEP) data center projects face major delays that could pressure 2027 and 2028 estimates.
TD Cowen also called Bloom Energy stock fully valued at a P/E ratio of 514x and a price-to-book ratio of 66. That reset lands on a stock already carrying an overhang from the July 8 Hunterbrook "Bloom's Big Lie" short report, which alleged hidden China dependence for scandium supply.
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Bloom Energy has pushed back hard. The company categorically rejected the allegations as "false and misleading" in an 8-K filing. Management framed the report as an opportunistic attack on a name that has run sharply this year, and the response has been unambiguous in defending the supply chain narrative.
Other desks remain constructive on Bloom Energy stock. Baird kept an Outperform rating with a $310 target, UBS reiterated Buy at $350, and RBC held Outperform at $335. Bloom Energy also recently posted a profitable quarter with $0.23 in earnings per share, but the premium multiple leaves little room for slippage on execution.
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