Bloom Energy (BE) stock is having another strong session. Shares climbed roughly 5% in Friday morning trading, touching a session high of $297.59 before settling slightly lower. By the time of publication, the stock traded up 3.83% at $288.21, according to Benzinga Pro data.

The move followed Virginia's release of its 2026 Energy Plan on Thursday, a policy blueprint that gives fuel cells a favored role in the state's electricity strategy. Wall Street analysts responded with a series of favorable notes, adding to the momentum behind a stock that has more than tripled this year.

Bloom Energy manufactures solid oxide fuel cell systems used for on-site power and utility applications. Fuel cells generate electricity through an electrochemical reaction rather than by burning fuel — the technical distinction behind the “non-combustion” label Virginia's new plan applies to them.

RBC Reiterates Outperform Rating

RBC Capital analyst Christopher Dendrinos reiterated an Outperform rating on the stock Friday morning, keeping his price target at $335 — well above where the shares currently trade. Dendrinos called the Virginia plan a positive sign for Bloom, saying it shows policymakers increasingly favor cleaner, quieter power alternatives over traditional gas plants.

What Is in the Virginia Plan

The plan introduces a new category called the “non-combustion gas resource,” and under that classification, fuel cells are named as a preferred technology for near-term grid reliability. Virginia wants up to 5 gigawatts of this type of capacity deployed between 2029 and 2035 — a sizable opportunity for Bloom's utility business if it comes to fruition. With the window opening in 2029, the target represents a multi-year build-out, and how Virginia converts the new classification into procurement will shape its pace.

Dendrinos pointed to practical advantages as well. Fuel cells can be deployed in 18 to 24 months, compared with the years required for conventional gas plants, and they do not require major new pipeline investment.

Virginia Governor Abigail Spanberger wrote that the state's energy system “will need to grow at a pace we have not seen in more than 80 years.” That pace is the backdrop against which the faster deployment timelines Dendrinos described carry weight.

Barclays Points to Capacity Expansion

Barclays also raised its price target on Thursday, moving it to $308 from $276. The firm cited Bloom's acquisition of a second 158,000-square-foot facility in Fremont, California — a site expected to nearly double the company's manufacturing capacity. Barclays also flagged a utility market filing as evidence of Bloom pushing into new commercial territory. The capacity expansion is the supply-side complement to the demand a 5 GW state target would represent.

Morgan Stanley has kept its own Overweight rating, with a $310 target. Among analysts covering the stock, 15 rate it a buy, 12 a hold, and 2 a sell.

A Big Year for Bloom

This is not a one-day story. The stock has climbed more than 219% since the start of 2026. September alone brought a roughly 29% gain, helped by Bloom's addition to the S&P 500 — an inclusion that tends to bring in new buyers through index funds.

The company's second-quarter results also fueled momentum. Revenue topped $1 billion for the first time, up 166% from a year earlier. Bloom raised its full-year 2026 revenue guidance as well, now expecting between $3.9 billion and $4.2 billion — a meaningful jump from prior expectations.

The broader market offered a supportive backdrop on Friday. The S&P 500 was up about 1%, the Nasdaq around 1.4%, and the Dow roughly 0.7% higher. Bloom carries a five-year beta above 3.5, meaning the shares tend to swing harder than the market in either direction; on an up day like Friday, that volatility works in the stock's favor.

One insider filing also surfaced this week: an officer sold stock tied to routine RSU vesting, a pre-planned transaction that typically carries little signal about company direction.

This article originally appeared on CoinCentral.