UBS Upgrades Fluence Energy to Neutral with $12 Price Target
Fluence Energy (FLNC) shares saw a significant jump in pre-market trading on Tuesday, rising 8.7% after UBS upgraded its rating from Sell to Neutral.
The investment bank also increased its price target for the company from $9.00 to $12.00 and forecasted a 22% compound annual revenue growth rate for Fluence through 2030.
This upgrade marks a reversal of UBS's previous negative outlook on the energy storage company, which had maintained one of the most consistently bearish views on FLNC.
UBS's new perspective is based on an updated financial framework that takes into account increasing demand for battery energy storage systems, particularly in hybrid solar-plus-storage installations.