Despite recent share price weakness for Bloom Energy due to market concerns that raw materials could constrain its growth, UBS has reaffirmed its buy rating on the stock.

"We view the recent pullback in Bloom Energy shares as an attractive buying opportunity, as we believe concerns around raw material sourcing—specifically for scandium—are overblown," analyst Manav Gupta told clients in a report on Thursday.

Bloom Energy's share price has fallen more than 20% since late June. Gupta noted that the company has developed a proprietary process to secure the scandium it requires.

UBS has set a 12-month price target of $350, implying a potential upside of 36% from Thursday's closing price.