UBS analyst Jon Windham downgraded Fluence Energy (FLNC) to Neutral from Buy with a price target of $8, down from $28. The firm cites concerns for potential further profit cuts in fiscal 2025 following the company cutting its adjusted EBITDA guidance by 50% just three months after providing the original guide for the downgrade. The key driver to the cut is declining expected gross margins on recently signed contracts and 2025 project delays, the analyst tells investors in a research note. UBS says weakness in pricing power is a key concern for the fundamental profitability of the integrator business model.
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