JPMorgan upgraded Fluence Energy to Overweight from Neutral with an unchanged price target of $23. The 13% share decline yesterday following the issuance of a short report is overdone and presents a buying opportunity, the analyst tells investors in a research note. The firm says the short report stated that Fluence’s relationship with its parent company is strained as evidenced by litigation with Siemens. However, it notes that Siemens AG is Fluence’s parent company, not Siemens Energy. JPMorgan also believes risks of Siemens selling shares have been properly disclosed and investors are well aware.
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