J.P.Morgan cuts Fluence Energy to 'neutral' on anticipation of slower order growth
J.P.Morgan downgrades renewable energy storage provider Fluence Energy FLNC.O to "neutral" from "overweight"; cuts PT to $7 from $14
Brokerage expects customer uncertainty regarding tariffs to result in subdued orders near term, and notes the U.S. energy storage market likely to be the most affected sector under its coverage as it relies heavily on imports of lithium-ion batteries, particularly from China
J.P.Morgan's revised PT of $7 represents a 58% upside to stock's last close
Shares down marginally in premarket trade
U.S. tariffs on Chinese imports now total 145%
"The increased costs could lead to delays of new orders for FLNC, as developers and offtakers reassess the financial viability of their investments," - J.P.Morgan
10 of 24 brokerages rate the stock "buy" or higher, and 14 "hold"; their median PT is $9 - data compiled by LSEG
As of last close, FLNC stock down ~76% YTD
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