BUZZ-ESS Tech shares fall after Oppenheimer cuts to 'perform'

Reuters11-14 22:48

** Energy storage systems maker ESS Tech's shares fall 19% to $7 after Oppenheimer downgrades rating to "perform" from "outperform"

** "We are stepping to the sidelines looking for clarity on capital structure and incremental consistency on delivery schedules" - Oppenheimer analyst Colin Rusch

** But the brokerage says it sees significant need for long-duration storage technologies and believes GWH will be a long-term leader in the segment

** Two of 7 brokerages rate the stock "buy" and 5 "hold"; their median PT is $12.50 - LSEG data

** Up to last close, stock down 48% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com;))

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