Bloom Energy's (BE) 2026 trajectory shows "significant acceleration" in revenue growth with data center opportunities becoming more tangible and near-term, Morgan Stanley said in a Friday research note.

The company's 2026 revenue guidance range of $3.10 billion to $3.30 billion meets Morgan Stanley estimate of $3.157 billion and beats consensus view at $2.556 million. Additionally, Bloom Energy's 2026 gross margin and operating profit is ahead of consensus estimates, Morgan Stanley said.

Bloom Energy maintains that expanding manufacturing is fast and inexpensive, meaning that as its backlog grows and demand increases, it can move quickly to cater to a customer's growth aspirations, Morgan Stanley noted.

While some investors showed concern with the company delivering book-and-ship revenues in 2026 rather than more heavily contracted upfront, Morgan Stanley said this dynamic should not be a concern as demand is high and book-and-ship would be a positive addition to an already strong backlog level.

The firm raised its price target on Bloom Energy to $184 from $155 and maintained its overweight rating.

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