RBC Capital downgraded Fluence Energy (FLNC) to Sector Perform from Outperform with a price target of $7, down from $25. The company is “in the penalty box” and the onus is on management to “prove up” the growth and margin profile going forward, which could take a couple quarters and keep the shares range bound near term, the analyst tells investors in a research note. The firm believes Fluence’s margin recovery will be based on uptake of the next generation battery, which is being launched this week. Given limited visibility into the timing of sales and the attach rate, RBC would rather wait on the sidelines for proof points.
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