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There’s a bill in Congress now that could, it if becomes a law in the U.S., greatly benefit Bloom Energy (NYSE:BE) stock. Furthermore, some analysts recently issued optimistic price targets on BE stock. They’re responding positively, it seems, to Bloom Energy’s record second-quarter revenue.

Bloom Energy is a fuel cell system manufacturer and distributor that, frankly, doesn’t get enough attention among traders. Yet, at least a handful of experts on Wall Street see the company’s value proposition.

Besides, a proposal on Capitol Hill could bolster Bloom Energy’s bottom line. For serious investors in the environmental, social and governance (or ESG) segment, Bloom Energy deserves a top spot on their watch lists.

BE Bloom Energy $30.40

What’s Happening with BE Stock?

After forming valleys and peaks throughout 2022 so far, BE stock looked ready to break out in mid-August. Don’t be too surprised if the stock smashes through its 52-week high of around $37 in the near future.

What catalysts could move the Bloom Energy share price to new heights?

Among the most important ones is the bill that successfully was passed in the Senate recently. This proposal would earmark roughly $370 billion in funding for clean energy in the U.S.

Moreover, it would create a new tax credit for hydrogen, as well as subsidies of up to $3 per kilogram for green hydrogen.

ClearBridge Investments analyst Dimitry Dayen specifically identified Bloom Energy as a potential beneficiary of the bill’s subsidies. Those subsidies, Dayen posits, could help make Bloom Energy strongly profitable.

Record Q2 Revenue and Raised Price Targets for Bloom Energy

In case that’s not enough positive news for you, then perhaps the lowdown on Bloom Energy’s second-quarter 2022 fiscal results will convince you.

As it turned out, Bloom Energy posted record second-quarter revenue of around $243.2 million and reaffirmed the company’s outlook for full-year 2022 revenue in the range of $1.1 billion to $1.15 billion.

Also during Q2 2022, Bloom Energy commenced operations in a new Fremont facility. The company expects that this facility will add a gigawatt of capacity by 2023.

Overall, Bloom Energy Chairman and CEO KR Sridhar assured the public that his company is “continuing to innovate, execute and deliver value in a multitude of energy transformation market segments.”

To sweeten the deal for prospective investors even further, at least three analysts have raised their price targets on Bloom Energy. Raymond James analyst Pavel Molchanov raised his price target from $23 to $29.

Meanwhile, KeyBanc’s Sangita Jain issued a price-target hike from $24 to $33. In addition, Biju Perincheril of Susquehanna published a target-price increase for BE stock from $28 to $30.

What You Can Do Now

The idea isn’t to buy a stock just because some analysts are lifting their price objectives on it. However, it’s probably a good sign that they’re preparing for the Bloom Energy share price to move higher.

If you’re ready to build up your ESG-focused holdings, BE stock belongs on your radar. There’s no guarantee that the aforementioned clean energy proposals will become U.S. law.

However, they could enhance the value proposition of an already high-potential fuel-cell-focused company, Bloom Energy.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

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