Bloom Energy Corp (BE) shares surged 11.76% in early trading on Friday, extending a powerful rally that saw the stock skyrocket over 25% in the previous regular session. The move comes as investor sentiment remains overwhelmingly bullish following the company's blockbuster second-quarter earnings report and a fresh analyst upgrade.

The primary catalyst was the company's Q2 financial results, which showcased record revenue of $1.065 billion, marking the first time the company surpassed the $1 billion mark and representing a 166% year-over-year increase. This figure handily beat the consensus estimate of $823 million. Adjusted earnings per share came in at $0.78, nearly doubling the $0.40 expectation. In light of the strong performance, management raised full-year revenue guidance to between $3.9 billion and $4.2 billion, significantly above prior consensus, citing robust demand from AI data center and hyperscale customers.

Adding further momentum, Mizuho Securities upgraded the stock to Outperform from Neutral, setting a price target of $242. The analyst cited the strong quarter, earlier-than-expected operating leverage, and an attractive valuation as key reasons for the upgrade. The company's strategic position in the AI infrastructure supply chain, underscored by an expanded $25 billion partnership with Brookfield, reinforced confidence in Bloom Energy's growth trajectory.