Key Highlights

● Bloom Energy closed at $292.34 on Tuesday, September 29, 2026, after a sharp drop on Monday, September 28.

● Jefferies raised its target to $264 from $229 and kept a Hold rating, with the new target below Tuesday's close.

● Jefferies said Bloom's behind-the-meter thesis remains intact even as certain projects face timing friction, and the shares rocketed.

● Bloom said Oracle reaffirmed its commitment to deliver 2.4 GW of fuel cell capacity under Project Jupiter.

Bloom Energy Corporation (NYSE:BE) staged one of the biggest rallies among large U.S. stocks on Tuesday, September 29, 2026, closing at $292.34. What made the day notable was the analyst note that helped spark it. Jefferies did not upgrade the stock, yet the shares rocketed.

A Hold That Sounded Bullish

Jefferies analyst Julien Dumoulin-Smith raised his price target on Bloom to $264 from $229 and kept his Hold rating. The new target sits below the price where the shares closed on Tuesday. A price target is an analyst's estimate of where a stock could trade over the coming year, and a Hold rating typically signals that the analyst sees the shares as fairly valued. So why the rally?

The Tone Mattered

Dumoulin-Smith said the case for Bloom's on-site power generation Business remains intact, and Jefferies added that Bloom's behind-the-meter thesis remains intact even as certain projects face timing friction. Those words mattered because the stock had dropped sharply on Monday, September 28. The note signaled that project delays had not broken the long-term story.

Oracle Adds the Second Leg

The reassurance came alongside news from one of Bloom's marquee customers. Bloom said Oracle reaffirmed its commitment to deliver 2.4 GW of fuel cell capacity under Project Jupiter, even though a gas pipeline for the project is delayed to early 2027. RBC also reiterated its Outperform rating with a $335 target, above the day's close, and noted a 158,000-square-foot Lease expansion in Fremont, California.

Power for the AI Build-Out

Bloom's solid-oxide fuel cells generate power on site, usually from natural gas. That behind-the-meter model lets data centers avoid waiting years for grid connections, which has put Bloom at the center of the debate over how to power the AI build-out.

Bloom Against a Soft Market

Bloom's rally came on a soft day. The S&P 500 closed at 7,670.84, down 12.85 points, and the Dow Jones Industrial Average closed at 51,349.92, down 131.59 points. The Nasdaq Composite ended little changed at 26,797.54. Long-term Treasury yields pressured stocks through the session, with the 30-year yield at its highest since 2002. The Conference Board's index of consumer confidence slid to 81.9, a 12-year low, from 88.6 the month before. Utilities led the S&P 500 sectors and chip stocks rose, while energy lagged as oil fell. A leaked Anthropic IPO prospectus, as reported, showed $518 billion of planned compute and infrastructure obligations, a reminder of how much power the industry expects to need.