Baird downgraded Fluence Energy (FLNC) to Neutral from Outperform with a price target of $20, down from $24. The firm sees the landscape for both electric vehicles and renewables as more challenging in the near future due to uncertainty regarding the Inflation Reduction Act and growth in 2025. Fluence’s heavily second-half weighted forecast for fiscal 2025 “adds risk to estimates,” the analyst tells investors in a research note. Baird sees a “fast changing geopolitical landscape” following the U.S. election.
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