UPDATE: Goldman Sachs Starts Fluence Energy Inc. (FLNC) at Buy

November 29, 2021 4:07 PM EST
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Price: $17.56 -12.02%

Rating Summary:
    9 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 13 | New: 24
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(Updated - November 29, 2021 4:08 PM EST)

Goldman Sachs analyst Brian Lee initiates coverage on Fluence Energy Inc. (NASDAQ: FLNC) with a Buy rating and a price target of $52.00.

The analyst comments "FLNC is a globally-focused integrator and supplier of grid-scale energy storage hardware and software. FLNC does not manufacture battery storage systems directly, but has established itself as a leading provider of full, turnkey integrated storage systems for the utility-scale market globally, an end market which we forecast to grow at a ~60% volume CAGR through 2023. Given its leading share position, strong backlog growth and diversifying model which is including more services and software mix on top of what is mostly hardware-oriented revenue today, we see FLNC positioned to be one of the fastest-growing companies in our coverage, with revenue set to reach ~$2.5bn by FY2024 (up from ~$700mn this year), achieving ~10% market share on our estimates over this period. While margins are currently below peer-average, we see a steep ramp in coming years made possible by scale leverage, improving mix and better supply chain management and see execution on margins, on top of fast growth, as being another potential lever of upside for this unique pureplay model levered to the energy storage segment."

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 $34.37 yesterday.


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