Bloom Energy Falls as Analysts Cite Accounting Woes (1)

Bloom Energy Corp.’s announcement that it misreported nearly four years of revenue sent shares tumbling Thursday even as analysts said the restatement doesn’t change the fuel-cell maker’s underlying business.

“This is a very frustrating headline, denting management’s credibility,” Raymond James analyst Pavel Molchanov said. “The stock will certainly be penalized today, even though the underlying business is fine.”

Meanwhile, KeyBanc analyst Sophie Karp downgraded the stock to sector weight from overweight as the firm sees more near-term volatity, driven by the restatements.

The accounting restatement, which will require Bloom to recognize revenue over the duration of its managed services ...