BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Fluence Energy to $28 from $31 and keeps a Market Perform rating on the shares. The company’s Q3 earnings call resulted in a third consecutive increase to its FY23 revenue outlook while maintaining its FY24 revenue growth of 35-40%, but the quarter was also overshadowed by investor concerns regarding planned shelf registration, the analyst tells investors in a research note. Fluence is a leading developer of energy storage systems, but these products offer limited gross margins, and additional upside will need to come via service and software growth, the firm added.
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