Bloom Energy's $310 Target Holds Firm Despite 900 MW Data Center Setback

The intersection of the AI boom and the energy transition is creating unprecedented demand for resilient, low-carbon power. Bloom Energy's solid oxide fuel cells, capable of running on hydrogen and natural gas, are a key solution for data centers seeking to avoid grid constraints. When Crusoe paused work on its 1.8 GW Cheyenne campus—a project earmarked for 900 MW of Bloom's fuel cells—investors questioned the near-term pipeline. But Morgan Stanley's unwavering $310 price target and the protective AEP contract structure signal that the clean energy giant's growth story remains intact.

Analyst optimism surrounding Bloom Energy (NYSE: BE) remains robust even as a high-profile data center project faces a development pause. On June 10, 2026, Morgan Stanley analyst David Arcaro reiterated a Buy rating and a $310 price target on the solid oxide fuel cell manufacturer, according to a report by TipRanks. This vote of confidence came on the same day that TheFly reported Crusoe Energy had paused development activities at its 1.8 GW data center campus in Cheyenne, Wyoming—a facility that was to be partially powered by 900 MW of Bloom's fuel cells. The apparent contradiction between a stalled project and a bullish analyst note is resolved by the contractual structure underpinning the deal. The buyer of the power is American Electric Power (AEP), and Morgan Stanley emphasized that provisions within the agreement should safeguard Bloom's earnings over the delivery schedule, insulating the company's financial forecasts.

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According to data compiled by CNN from 31 analysts, 45% rate Bloom Energy a Buy and another 45% rate it a Hold, with an average 12-month price target of $280.

This incident underscores the central role Bloom Energy is playing in the convergence of two megatrends: the explosive growth of data centers driven by artificial intelligence and cloud computing, and the urgent need for resilient, cleaner onsite power. Grid constraints and permitting delays make traditional utility connections a bottleneck for hyperscale projects, and as a result, data center developers are increasingly turning to behind-the-meter generation solutions. Bloom's solid oxide fuel cells, which can operate on natural gas or hydrogen blends, offer a highly reliable, scalable, and incrementally deployable power source that aligns with sustainability goals. The Cheyenne campus, with its planned 1.8 GW total capacity—nearly double the power consumption of a mid-sized city—symbolizes the scale of the opportunity. Even with the pause, the underlying demand signal for alternative energy solutions in the data center pipeline remains strong.

Investor sentiment, as captured by broader analyst coverage, paints a picture of cautious optimism. According to data compiled by CNN from 31 analysts, 45% rate Bloom Energy a Buy and another 45% rate it a Hold, with an average 12-month price target of $280. At a recent price of $259.61, this implies a potential upside of approximately 7.85%. The $310 target from Morgan Stanley is notably more aggressive, suggesting a nearly 20% premium to the consensus and reflecting a conviction that the company's contracted backlog and medium-term growth trajectory are undervalued by the market. The near-universal absence of Sell ratings further indicates that the professional investment community views the risks as manageable, primarily centered around execution and the pace of new contract conversions rather than structural threats to the business model.