Bloom Energy's (BE) recently announced $5 billion infrastructure partnership with Brookfield Asset Management (BAM) to deploy its fuel cell technology to build artificial intelligence infrastructure, and an air permit application for a fuel cell power plant in Wyoming, provides "increasing conviction" in datacenter power opportunities for the company, RBC Capital Markets said in a note Monday.

The analysts said that while approximately 1% of datacenters are entirely powered onsite, survey data from Bloom Energy and McKinsey estimates indicate this figure could "rapidly climb" to as much as 30% of datacenters relying entirely on onsite generation for primary power by 2030.

RBC raised its price target to $123 a share from $75, and maintained an outperform rating on the stock.

Shares of Bloom Energy were up 6% in recent trading.

Price: 118.28, Change: +6.78, Percent Change: +6.08