Citi downgraded Fluence Energy (FLNC) to Neutral from Buy with a price target of $24, down from $32, following a transfer of coverage. Despite a constructive view on storage and the strengths of Fluence, Citi sees risks to the company’s fiscal 2025 guidance, rising competition from vertically integrated players, revenue headwinds from declining pricing, an overhang from equity sales by AES and better return opportunities elsewhere. The firm believes Canadian Solar (CSIQ) screens better in comparison assuming the same storage multiple as for Fluence and conservative valuations for its other business lines.
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