** Mizuho starts coverage on fuel-cell maker Bloom Energy BE.N with "neutral" rating and $28 PT, a 15.8% upside to stock's last close

** Brokerage says co's fuel cells offer alternative to traditional grid electricity, with "quickest and cost-effective way for data center customers and utilities to add electric service"

** Says BE's fuel cells provide "baseload power which we estimate is cheaper than industrial electric rates in seven states"

** Mizuho adds that co has potential for "zero-carbon products" with use of carbon capture and storage or running fuel cells directly on hydrogen

** Notes that co delivering $12 billion to $15 billion in revenue by 2028 is "unclear", pending production capacity upgrade this year

** Stock gained 50.5% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))