The SRD lists it as holding a Gate spell, so I assume that because that's from the conjuration school the sorcerer should be fine.
There are three abilities that the candle holds. The first confers a moral bonus within 30ft of the flame to those characters matching the alignment of the candle. The second is allows the preparation of spells at two levels higher than normal. The third is the allowance of the spell Gate once per day.
So I think powers 1 and 3 are fine, but because the sorcerer does not prepare spells, the second power would be useless. Maybe house-rule that the power of spontaneous casting within 30ft of the lit candle lifts spell power by 2 levels?
TL;DR - No for higher spell slots, that takes prepared casting, which the sorcerer does not have. Yes for the morale bonus and Gate casting.