Citi Downgrades Fluence Energy Inc. (FLNC) to Neutral

Citi analyst Ryan Levine downgraded Fluence Energy Inc. (NASDAQ: FLNC) from Buy to Neutral with a price target of $24.00 (from $32.00).

The analyst comments "We are transferring coverage of FLNC from Ryan Levine to Vikram Bagri with a Neutral/High Risk rating and $24.00/sh PT. FLNC has a quality software and hardware platform, early mover advantage in domestic content, strong partnerships, improving profitability, integrated business model with recurring cash flows, solid balance sheet, and a large backlog/pipeline of projects that is dominated by datacenter demand. Despite our constructive view on storage and the strengths of FLNC, we rate the company Neutral due to: 1) risks to FY2025 guidance, 2) rising competition from vertically integrated players, 3) revenue headwinds from declining pricing, 4) overhang from equity sales by AES, 5) current valuation, and 6) better return opportunities elsewhere."

For an analyst ratings summary and ratings history on Fluence Energy Inc. click here. For more ratings news on Fluence Energy Inc. click here.

Shares of Fluence Energy Inc. closed at $22.71 yesterday.

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