
Trump's fast-tracked deal for a copper mine heightens existential fight for Apache
The prayer run aimed to defend a 6-square-mile piece of land in rural Arizona outside of Phoenix called Chi'chil Biłdagoteel, or Oak Flat, where tribes have held ceremonies for centuries. The U.S. Forest Service, which owns the site, plans to trade a portion of it to a foreign-owned mining company, Resolution Copper, in exchange for other environmentally sensitive properties.
The battle over Oak Flat traces back 30 years, when prospectors found a massive copper deposit beneath the ground. The proposed land swap, which Congress approved in 2014 through a defense spending bill, has been stalled by three lawsuits.
Samantha Olivas (right), of the Salt River and San Carlos Apache Indigenous communities, and Masavi Perea-Montes de Oca, deputy director of Chispa Arizona, carry sacred eagle feathers along a canal in Mesa, Arizona, on May 5, 2025, as part of a roughly 80-mile prayer run to save Oak Flat from becoming a copper mine.
Melissa Bailey for KFF Health News
But on April 17, the Trump administration pushed the project forward without waiting for the courts. The Forest Service announced it would issue an environmental review as soon as June 16, which would pave the way for the land transfer. Mr. Trump issued an executive order to expedite the Resolution Copper mine project, as part of a broader push to open more public lands to drilling and mining.
The copper mine would be the largest in North America, producing up to a quarter of U.S. copper demand, the company projects. But it also would destroy most of Oak Flat, leaving behind a sinkhole nearly 2 miles wide and as deep as the Eiffel Tower.
Apache Stronghold, a nonprofit that aims to protect sacred lands including Oak Flat, won a reprieve on May 9, when U.S. District Judge Steven Logan granted an injunction blocking the land swap while the Supreme Court considers its case. The high court is expected to decide whether to take it by early July.
"The federal government and Resolution Copper have put Oak Flat on death row — they are racing to destroy our spiritual lifeblood and erase our religious traditions forever," Wendsler Nosie Sr., founder of Apache Stronghold, said in a statement. "We are grateful the judge stopped this land grab in its tracks so that the Supreme Court has time to protect Oak Flat from destruction."
Apache Stronghold's temporary victory came after the four-day journey from Oak Flat to the federal courthouse in Phoenix ahead of the injunction hearing. The prayer run drew 60 runners, running in segments. Eighty-five faith groups and 44 tribal nations are supporting Apache Stronghold's Supreme Court appeal.
The fight over Oak Flat offers a glimpse into environmental, public health, and religious battles that may intensify as Mr. Trump prioritizes tapping into domestic sources of minerals such as copper, a key ingredient for electronics and renewable energy projects. The case also could set a legal precedent for whether religious freedom grants tribes the right to pray on ancestral lands outside of their reservations.
The Oak Flat case highlights some of the health concerns that arise when ancestral Native American lands owned by the federal government are opened to mining, from physical illness — due to water and air pollution — to psychological, spiritual, and existential distress.
In roadside prayers and rallies along the run, members of various tribes offered visceral accounts of the harm they've experienced after sacred lands were tapped for minerals, fossil fuels, and heavy metals. They described attacks on health, identity, religion, and culture that many referred to as ongoing genocide.
At Oak Flat Campground, Apache Stronghold supporters gathered for a ceremony before the prayer run began. Runners were blessed with ashes to protect them on a route that would traverse vast fields of cacti, narrow mountain passes, and even two combative drivers on city streets.
Among those lacing up running shoes was Nizhoni Pike, 24, one of Nosie's granddaughters. Pike has a deep connection to Oak Flat, where her family holds ceremonies and gathers medicinal plants and food. For Pike, her distress is visceral, immediate.
"This fight means so much," she said.
Nizhoni Pike (front row, second from right) and her sister Naelyn Pike (far right) join a press conference after a hearing in U.S. District Court in Phoenix on May 7, 2025, about the fate of plans to turn the sacred Oak Flat area into a copper mine.
Melissa Bailey for KFF Health News
Oak Flat is where Pike had her sunrise ceremony, a coming-of-age ritual, at age 13. During the ceremony, she built her own wickiup, a traditional Apache dome-shaped dwelling made of wood and thatch from the land. Her body was painted with white clay, embodying the White Painted Woman, a revered cultural figure. At the end of a four-day ceremony involving dancing from morning to night, Pike walked to a spring to wash off the clay and return it to the land. Butterflies filled the air, she recalled. Her family named the area Nizhoni's Butterfly Canyon.
The sunrise ceremony creates a cord by which women are forever connected to the land where they came of age, she said. Tribal elders have told her that women may suffer illness if the cords are cut.
"I'm really worried for me and the other girls that had their sunrise dances there," she said.
She already had anxiety, she said, and it has grown worse because of the drying up and pending destruction of Oak Flat. Pike said when she returned to her butterfly canyon a few years after her sunrise ceremony, the spring was dry and a dead turtle floated in a nearby pool. She said she has seen large cracks in the earth there and old oak trees starting to die.
"I've never felt so much pain in my heart or spirit before," she said.
She and other Apache members attribute the dryness to Resolution Copper, which has been pumping water out of a 7,000-foot-deep mining shaft on its adjacent property for years.
In a statement, company spokesperson Tyson Nansel denied that extracting water at that depth affects the surface water. He said the company treats the removed water then gives it away to farmers to grow crops so they can "pump less fresh groundwater themselves." He said the company has made significant changes to its proposed mine to "reduce potential impacts on Tribal, social, and cultural interests."
Along the run, supporters gathered for blessings from various faith leaders, some of whom sprinkled them with holy water.
They first stopped in the nearby town of Superior, part of the Copper Triangle, which has a long history of mining. The mayor there supports the new mine, which the company has said will create 1,500 jobs during its projected 60-year lifespan. But opponents in Superior warned that mining has left the area with high cancer rates, toxic dumps, and ghost towns.
In the city of Mesa, runners stopped at an ancestral site of the O'odham people to receive support from two Native leaders with roots there.
Su:k Chu:vak Fulwilder, a council member of the Salt River Pima-Maricopa Indian Community, said loss of land and identity is taking a toll on her people. Fulwilder said her tribe suffers from high suicide rates, and her own son took his life in 2022.
"These sacred lands being disturbed — our spirits feel that pain and that anger," she said.
Su:k Chu:vak Fulwilder, a council member of the Salt River Pima-Maricopa Indian Community, attends a rally outside the U.S. District Court in Phoenix on May 6, 2025, to save Oak Flat from becoming a copper mine.
Melissa Bailey for KFF Health News
Other supporters raised concerns about water quantity and quality in a time of long-term drought. Resolution Copper's plans to conduct block-cave mining would require nearly 250 billion gallons of water and the natural water systems would be "altered forever and, in many cases, destroyed in perpetuity," according to a federal environmental impact statement and hydrology report.
Henry Muñoz, 69, who worked in mines for nearly 24 years and is now chair of the Concerned Citizens and Retired Miners Coalition in Superior, noted that the mine would require scarce water to pipe away toxic waste and copper concentrate. The toxic slurry would be sent to a tailings site, he said, where it would require more water so that dust laden with arsenic and sulfur doesn't blow away. He noted that Resolution Copper is owned by foreign mining companies Rio Tinto and BHP, so much of the profit would go overseas.
With cuts to the Environmental Protection Agency and mine and worker safety agencies, Muñoz added, "the company is going to have free rein to do as they please with the environment, and the public won't have any recourse."
The prayer run concluded in downtown Phoenix, merging into a march to the courthouse.
Cadence Hardy, 16, who is Diné, said she grew up in Black Mesa, Arizona, where intensive coal mining depleted an aquifer and its springs, deeply affecting Hopi and Diné communities. Her great-grandfather worked in a coal mine there and got lung disease and cancer, she said.
She said she's inspired to support Apache Stronghold "to stop what happened to my family from happening to their family."
In the May 7 federal court hearing, Victoria Peacey, president of Resolution Copper, took the stand, facing a courtroom packed with Apache Stronghold supporters, and testified that it would be at least 16 years until Oak Flat would begin to sink.
Nizhoni Pike later said she felt overwhelmed. Sixteen years is a short time, and the consequence would be huge, she said. "My ancestors' history could literally be wiped."
In the courtroom, Pike said, she looked Peacey in the eye.
"Look at me," Pike recalled thinking. "You are going to destroy me if you destroy Oak Flat."
If you or someone you know may be experiencing a mental health crisis, contact the 988 Suicide & Crisis Lifeline by dialing or texting "988."
KFF Health News is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs at KFF — the independent source for health policy research, polling, and journalism.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Masimo sues US Customs over approval of Apple Watch imports
By Blake Brittain WASHINGTON (Reuters) -Medical monitoring technology company Masimo sued U.S. Customs and Border Protection on Wednesday over a decision by the agency that allowed Apple to import Apple Watches with blood-oxygen reading technology during a patent dispute between the companies. Masimo said in the lawsuit in Washington, D.C., federal court that Customs improperly determined that Apple can import watches with pulse oximetry technology, reversing its own decision from last year without notifying Masimo. Masimo told the court that it learned of the agency's August 1 decision only after Apple announced it would reintroduce blood-oxygen reading to its watches last week. Spokespeople for Apple and Customs did not immediately respond to requests for comment. A Masimo spokesperson declined to comment. Irvine, California-based Masimo has accused Apple of hiring away its employees and stealing its pulse oximetry technology to use in its Apple Watches. Masimo has separately sued Apple for patent infringement and trade secret theft in ongoing federal court cases. Masimo convinced the U.S. International Trade Commission to block imports of Apple's Series 9 and Ultra 2 smartwatches in 2023 based on a determination that Apple's technology for reading blood oxygen levels infringed Masimo's patents. Apple has continued to sell Customs-approved redesigned watches without pulse oximetry since the ITC's decision. Apple said on Aug. 14 that it would reintroduce its smartwatches' blood-oxygen reading capabilities with approval from Customs. Masimo said the agency's decision to approve the watches without input from Masimo or any "meaningful justification" deprived the company of its rights. "CBP's function is to enforce ITC exclusion orders, not to create loopholes that render them ineffective," Masimo said. Masimo asked the Washington court to halt the agency's ruling and continue to block Apple from selling watches with the blood-oxygen feature.
Yahoo
12 minutes ago
- Yahoo
NOVAGOLD and Paulson's Alaska Site Visit Builds Momentum in Donlin Gold's Path to Development
Meetings with Alaska Native Corporations, government officials and key stakeholders underscore positive momentum for the new Donlin Gold partnership and its updated project development plan. Donlin Gold contract awarded to prepare the Request for Proposals (RFP) to commence the updated Bankable Feasibility Study (BFS) and expects to select top-tier qualified engineering firm(s) by the fourth quarter of 2025. Constructive discussions were held with natural gas pipeline developers and distributors exploring different avenues to bring natural gas to Southcentral Alaska that could be very beneficial for Donlin Gold. Donlin Gold identified hiring priorities and initiated efforts to fill critical roles to support project development. VANCOUVER, British Columbia, Aug. 20, 2025 (GLOBE NEWSWIRE) -- NOVAGOLD RESOURCES INC. ('NOVAGOLD' or the 'Company') (NYSE American, TSX: NG) and Paulson Advisers LLC ('Paulson' and together with NOVAGOLD, the 'Owners') announced that, following the recent change in ownership of Donlin Gold LLC ('Donlin Gold'), a project workshop was held in July in Alaska. The sessions brought together the Donlin Gold team, senior representatives from both NOVAGOLD and Paulson, in attendance, including two prominent NOVAGOLD shareholders — John Paulson and Dr. Thomas S. Kaplan. During the visit, participants met with key stakeholders and focused on advancing the project to a BFS. 'It was a pleasure to accompany John and his team on their visit. Being on site for the second time in the last month and meeting directly with representatives from Calista Corporation ('Calista') and The Kuskokwim Corporation (TKC), which are the land resource owners of the Donlin Gold project, as well as local stakeholders, government officials, and infrastructure and logistics providers, reinforced both the strength of our collaboration as well as the renewed momentum behind this project', said Dr. Thomas S. Kaplan, NOVAGOLD's Chairman. 'More than ever before, with a beautifully aligned co-owner and the backdrop of a gold bull market, the Company remains devoted to responsibly advancing the development of what would be, at present estimates, America's largest gold mine — and, above all, honoring the enduring values of the region and respecting the long-term interests of all stakeholders.' 'I am committed to the development of this truly magnificent project. I was pleased to visit the site, spend time in Aniak, a middle Kuskokwim village, and engage directly with local stakeholders and the Alaska Native Corporations who are owners and stewards of the land where the project is located,' said John Paulson, Paulson's Chairman. 'We also held valuable and highly constructive discussions with government leaders and prospective contractors for key infrastructure components. These engagements underscore our shared dedication to progressing the project in a responsible, inclusive, and collaborative manner.' As the project advances through this next phase toward a construction decision, the Alaska visit served as a meaningful opportunity to expand stakeholder engagement and reaffirm Donlin Gold's commitment to responsible development. Meetings took place in Anchorage and in the Yukon–Kuskokwim (Y-K) region with Calista and TKC, respectively, providing an excellent opportunity for NOVAGOLD'S new partner in Donlin Gold, Paulson, to meet with and gain insight from local stakeholders as well as discuss the path forward. Most importantly, Donlin Gold and the Owners were invited to travel by boat on the Kuskokwim River and visit a local fish camp that served as Paulson's introduction to the area. It was also a unique opportunity to see first-hand how Indigenous peoples rely on the Kuskokwim River for food, travel, and sustaining their Traditional ways of life. Donlin Gold and the Owners look forward to ongoing and ever closer exchanges with Calista and TKC as the project advances. Representatives from TKC, Donlin Gold, NOVAGOLD, Paulson, and Electrum – Visit to a local fish camp on the Kuskokwim River TKC – President & CEO, Andrea Gusty; Vice-President of Operations, Megan Leary; Land Consultant, Rachel Klein; Shareholders & Fish Camp Owners – Johnny & Tamara Sakar; Donlin Gold – General Manager, Todd Dahlman, Permitting & Environmental Manager, Enric Fernandez; External Affairs Manager, Wendy Lindskoog; Assistant Manager Community Relations, Rebecca Wilmarth; Human Resources, Shaun Tygart; Paulson – John Paulson; Partners, Marcelo Kim and Michael Waldorf; NOVAGOLD – Chairman, Dr. Thomas S. Kaplan; Director, Ali Erfan; President & CEO, Greg Lang; VP & COO, Richard Williams, VP & General Counsel, Ben Machlis; and VP Corporate Communications, Mélanie Hennessey; and Electrum – Mark Wallace and Arezo Kohistany. Representatives of Calista's Board of Directors, NOVAGOLD, Paulson, and Electrum – Alaska site tour July 2025 Calista – Board of Directors – Willie Kasayulie, Ron Hoffman, Audrey Alstrom, Johnnie Evan, George Guy; President & CEO, Andrew Guy; NOVAGOLD – Chair, Dr. Thomas S. Kaplan and President & CEO, Greg Lang; John Paulson; and Donlin Gold's General Manager, Todd Dahlman. In addition, highly collaborative meetings were held with key government representatives in Alaska, including Governor Mike Dunleavy, Department of Natural Resources Commissioner John Boyle, and former Department of Revenue Commissioner Adam Crum in addition to state leaders to introduce the new Donlin Gold ownership and discuss specific focus areas for the State of Alaska and Donlin Gold. As the second largest gold-producing state in the U.S., Alaska offers superb opportunities for the responsible development of employment-generating projects like Donlin Gold. As part of the meetings held in July and in line with the project's progression toward an updated BFS, the Owners also reviewed ways of streamlining organizational structures and accelerating hiring to build capacity for the project's advancement. Multiple executive search firms were engaged to support this effort. Constructive meetings were also held with natural gas pipeline developers and distributors, Donlin Gold, and its Owners. A clear outcome from these discussions was that opportunities are being explored and analyzed to deliver natural gas to Southcentral Alaska that could be beneficial for Donlin Gold and its stakeholders. A contract was awarded to prepare the detailed RFP documents and manage the process to select top-tier qualified engineering firms with the capability to successfully deliver a major commission like the Donlin Gold BFS. Donlin Gold anticipates selecting the firm or firms responsible for this critical phase in the fourth quarter of 2025. As always, Donlin Gold is upholding the highest standards of openness and transparency in competitively requesting proposals and bids from the top firms in their respective fields to guide the successful and responsible development of the Donlin Gold project. Separately, the 2025 Donlin Gold 15,000-meter drill program has been completed, following the shift in focus to concentrate on converting and expanding reserves and resources. The Company anticipates providing an update on the drill results in the coming months. Furthermore, the Owners approved an additional 3,000 meters for geotechnical drilling in the proposed pit and material sites for the project's 30-mile access road from the planned Jungjuk port on the Kuskokwim River to the Donlin Gold site. Some activities that were originally planned for 2025 were redirected to support BFS work with no material impact expected on Donlin Gold's budgeted 2025 expenditures. About NOVAGOLD NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories (541 million tonnes at an average grade of approximately 2.24 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)1, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. According to the 2021 Technical Report and the S-K 1300 Technical Report Summary, once in production, the Donlin Gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis. NOVAGOLD Contacts: Mélanie Hennessey Vice President, Corporate Communications Frank GagnonManager, Investor Relations 604-669-6227 or 1-866-669-6227info@ Cautionary Note Regarding Forward-Looking Statements This media release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements are frequently, but not always, identified by words such as 'expects', 'continue', 'ongoing', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', 'would' or 'should' occur or be achieved. Forward-looking statements contained in this media release are based on a number of material assumptions, including but not limited to the following, which could prove to be significantly incorrect: our ability to achieve production at Donlin Gold; the cost estimates and assumptions contained in the 2021 Technical Report and the S-K 1300 Technical Report Summary; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our resource and reserve estimates; our expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; assumptions that all necessary permits and governmental approvals will be obtained and the timing of such approvals; assumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits; our expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; our ability to improve our ESG initiatives and goals; and that our activities will not be adversely disrupted or impeded by development, operating or regulatory risks. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding plans for and the estimated timing of an updated Bankable Feasibility Study (BFS) on the Donlin Gold project; our goals and planned activities for 2025; ongoing support provided to key stakeholders including Native Corporation landowners; Donlin Gold's continued support for the state and federal permitting process; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold project to hit critical milestones; the ability for the Donlin Gold development project to hit the anticipated projects; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; and Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; plans to continue to advance the Donlin Gold project safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the Owners of Donlin Gold LLC to advance the project; the Company's ability to deliver on its strategy with the Donlin Gold project, increasing the value of the project; the success of the strategic mine plan for the Donlin Gold project, the success of the Donlin Gold community relations plan; the anticipated outcome of exploration drilling at the Donlin Gold project and the timing thereof; the completion of the test work and modeling and the timing thereof, including expected production and mine life, the ability and merit of delivering natural gas to South Central Alaska, the timing to select the firms for the feasibility study, and the timing of drill result updates. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to complete an updated BFS and to explore and develop properties; availability and limitations on methods of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, trade policies, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between the owners of Donlin Gold LLC to advance the project; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the 'Risk Factors' sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at or the SEC's website at or on SEDAR+ at The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. 1 Donlin Gold data as per the report titled 'NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA' with an effective date of June 1, 2021 (the '2021 Technical Report') and the report titled 'S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA' (the 'S-K 1300 Technical Report Summary'), dated November 30, 2021. Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 5 Mt of Measured Resources and approximately 320 Mt of Indicated Resources inclusive of Reserves is currently attributable to NOVAGOLD through its 60% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 0.9 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 42 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 5 Mt of Proven Reserves and approximately 298 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300. Photos accompanying this announcement are available at: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12 minutes ago
- Yahoo
Bloom Energy (BE) Stock in Focus: Jefferies Sticks With Hold Amid Growth Catalysts
Bloom Energy Corporation (NYSE:) is one of the On August 18, Jefferies analyst Lloyd Byrne reiterated a Hold rating on the stock with a $24.00 price target. The firm quoted several potential catalysts working in favor of the stock, including a letter from PJM Interconnection, the CEO's Bloomberg interview, and potential read-throughs from Crowdstrike earnings. It also estimated that investors may be expecting around 1GW of sales in 2027. The firm considers this target a possibility due to Bloom Energy's capacity expansion to 2GW by year-end 2026. 'We estimate the buyside could be baking in ~1GW of sales in '27. With BE expanding capacity to 2GW (1.3GW for product, rest for service) by YE26, hitting that target is possible. However, cadence and timing of deals matter, and we question whether investors are getting ahead of themselves. With BE +20% last week: expectations are ramping with DC deal & efforts by PJM to require new supply with new load. At current levels, we try to determine implied volumes. The stock is currently trading at ~22x '27E EBITDA of $526mn. The median multiple for data center / hyperscalers adjacent cos is ~18x (Ex – 2). To justify a more 'normalized' multiple, investors might be baking much higher EBITDA growth vs sell-side cons.' Bloom Energy Corporation (NYSE:BE) develops solid-oxide fuel cell systems for on-site power generation, helping meet the growing energy demands of AI data centers. While we acknowledge the potential of BE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.