FLNC - Fluence Energy flies high after Goldman upgrades to Buy
2023-03-30 12:51:56 ET
Fluence Energy ( NASDAQ: FLNC ) +15.2% in Thursday's trading after Goldman Sachs upgraded the stock to Buy from Neutral with a $29 price target, up from $25, likely enjoying an extra boost from the preliminary deal reached by the European Union parliament to raise the share of renewable energy in the bloc's energy mix.
Goldman said its positive view on Fluence ( FLNC ) is driven by better visibility on an improving gross margin trajectory and ability to achieve adjusted EBITDA breakeven; upside from Inflation Recovery Act battery production tax credits; and continued execution on high growth in the energy storage market.
The solar and energy storage sector has pulled back on broad concerns over availability of financing , but Goldman said Fluence ( FLNC ) boasts improving fundamentals and an end market which is less dependent on financing than residential solar end markets where such concerns are more relevant.
Fluence Energy ( FLNC ) achieved a record order intake of $856M in Q1, bringing the contracted backlog to $2.7B, Simple Investing writes in an analysis posted recently on Seeking Alpha .
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Fluence Energy flies high after Goldman upgrades to Buy