BMO Capital analyst Ameet Thakkar initiated coverage of Fluence Energy with a Market Perform rating and $24 price target. Fluence is a leading global developer of energy storage systems and BMO expects robust demand for storage as rising portion of electricity is supplied by renewable resources taxing electric grids, the analyst tells investors in a research note. However, the firm believes current investor sentiment favoring utility-scale exposure is largely reflected in the share price. It more constructive on signs software and service revenue are growing faster than its estimates.
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