Fluence Energy downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Fluence Energy (FLNC) to Market Perform from Outperform with a price target of $10, down from $22. The company’s Q1 update “raises sufficient doubt” about Fluence’s competitive position, the analyst tells investors in a research note. The firm says a second consecutive downward adjustment to fiscal 2025 revenues suggests market share loss and more reliance on international markets than expected. BMO now sees limited margin for error even after re-basing fiscal 2025 guidance.