BUZZ-Brokerages cut PT on Fluence Energy after Q4 and FY2024 results

Reuters11-27 21:38

** Canaccord Genuity and Jefferies cut PT on renewable energy storage provider Fluence Energy after Q4 and FY2024 results reported on Tuesday

** Canaccord cuts PT to $34 from $37; a 79% upside to stock's last close

** Says despite healthy results, investors are likely concerned with the "backend-loaded nature" of FY2025 forecast

** Says that as "management called for a 20-80 split to 1H25/2H25 rev and with an incoming Trump administration that could change renewables tax policy, that makes some nervous"

** Jefferies cuts PT to $25 from $26; a 32% upside to stock's last close

** Says stock traded down due to investor concerns on FLNC's ability to hit growth targets, but remains bullish on co's growth potential given strong demand backdrop despite falling prices

** Twenty-two of 26 brokerages rate the stock "buy" or higher, 4 "hold"; median PT is $26 - data compiled by LSEG

** As of last close, stock down 20.3% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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