Analyst Christine Cho initiated the stock with an overweight rating. Her $31 price target suggests 18.9% upside from where shares closed on Tuesday.
The stock has gained more than 50% year to date. Fluence Energy provides "energy storage technology solutions, delivering hardware along with advanced tech/AI-powered services to optimize the storage assets – either from a revenue-generating perspective and/or an O & M standpoint," Cho said in a Wednesday note.
"Gross margins are expected to continue its upward trajectory, especially as legacy lower-margin bookings roll off through 1H24 for FLNC," the analyst said. "We also expect FLNC's Services business to grow at a rapid pace at attractive margins." According to the note, the energy storage is at an earlier part of the transition cycle than wind and solar partly because costs for batteries have historically been high and raw materials are in short supply.
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