ESS Tech shares fall after Oppenheimer cuts to 'perform'

ESS Tech

14/11/2024 14:48

** Energy storage systems maker ESS Tech's  GWH.N  shares
fall 19% to $7 after Oppenheimer downgrades rating to "perform"
from "outperform"
    ** "We are stepping to the sidelines looking for clarity on
capital structure and incremental consistency on delivery
schedules" - Oppenheimer analyst Colin Rusch
    ** But the brokerage says it sees significant need for
long-duration storage technologies and believes GWH will be a
long-term leader in the segment
    ** Two of 7 brokerages rate the stock "buy" and 5 "hold";
their median PT is $12.50 - LSEG data
    ** Up to last close, stock down 48% YTD

 (Reporting by Anshuman Tripathy)
 ((Anshuman.Tripathy@thomsonreuters.com;))