Goldman Sachs analyst Brian Lee upgraded Fluence Energy to Buy from Neutral with a price target of $29, up from $25, which represents 83% upside. The analyst sees better visibility on the company’s improving gross margin trajectory and ability to achieve adjusted EBITDA break-even due to upside from Inflation Reduction Act battery production tax credits and continued execution on "high growth" in the energy storage market. At the same time, the recent pullback in stocks on broad concerns over tightening credit availability and availability of financing has created an attractive risk/reward, the analyst tells investors in a research note.
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