Fluence Energy falls after Mizuho cuts to 'neutral'

Renewable energy storage provider Fluence Energy's FLNC.O shares fall 5.8% to $7.70

Mizuho downgrades co to "neutral" from "outperform"

Says co's advantage of using non-China battery cells is already priced in, and expects increased domestic competition within one to two years

But brokerage increases FLNC's PT by 67% to $10

Cites co's strong domestic production and non-China battery cell supply

Mizuho also downgrades peers - Nextracker NXT.O and Shoals Technologies SHLS.O to "neutral"; and Enlight Renewable Energy ENLT.O to "underperform"

Eight of 23 brokerages rate the stock "buy" or higher, 13 "hold" and two " strong sell"; median PT is $6, according to data compiled by LSEG

As of last close, FLNC down 48.6% YTD