** Jefferies raises price target on fuel-cell maker Bloom Energy to $22 from $12
** New price target represents a 8.1% downside to the stock's last close
** Brokerage sees "American Electric Power deal as a step in the right direction", notes importance of Investment Tax Credits (ITC) safe harbor in securing the deal
** ITC safe harbor provisions allow companies to earn tax credits for investments, regardless of project completion or results
** Expects management to work towards signing similar deals before year-end and could see further announcements during a potential investor day as well
** Adds "recent AEP framework has driven BE's stock to outsized highs, however lofty valuations keep us on the sidelines"
** 14 of 26 brokerages rate BE "buy" or higher, 11 "hold" and 1 "sell"; their median PT is $20 - data compiled by LSEG
** As of last close, stock up 61.76% YTD
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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