Goldman Sachs analyst Brian Lee lowered the price target on Fluence Energy Inc. (NASDAQ: FLNC) to $13.00 (from $26.00) while maintaining a Buy rating.

The analyst comments "Following a poor F1Q25 and surprisingly sharp cut to F2025 guidance metrics, FLNC’s stock drew down close to 50%. While we acknowledge our bullish call on the stock has been wrong and the stock is likely to remain in the penalty box with investors for some time, we believe risk-reward remains compelling enough to maintain our Buy call here given (i) project issues in Australia are company-specific and timing-related, (ii) margin issues could resolve on the back of new product/cost-out success as well as improved geo mix into year-end F2025/early F2026, and (iii) the stock is trading at valuation levels that we think are more reflective of no-growth, liquidity-at-risk situations with FLNC now trading at a ~6X EV/EBITDA multiple (on our updated F2026 EBITDA), despite maintaining positive EPS/EBITDA growth and significant positive net cash. We remain Buy-rated..."