Fluence Energy electrified by bullish initiations from brokerages

Fluence

22/11/2021 13:38

** Renewable energy storage co Fluence Energy's  FLNC.O 
shares gain ~3% premarket to $36.75 after bullish initiations
pour in 
    ** J.P.Morgan sees FLNC as a leader within fast-growing
electricity storage market and expects fatter margins as well as
solid earnings growth in the coming years 
    ** JPM starts with "overweight" rating and $45 PT, saying
the stock should appeal to many kinds of investors covering
sectors including alternative and traditional energy, growth,
tech, ESG
    ** RBC Capital Markets begins with "outperform" and $49 PT,
saying it expects the market to grow by 30% CAGR through 2030
    ** Co is a joint venture between German engineering and tech
firm Siemens  SIEGn.DE  and U.S.-based electricity distributor
AES Corp  AES.N 
    ** RBC says FLNC benefits from "strong sponsorship from AES
and Siemens, which we believe sets a high bar for smaller
competitors"
    ** At least three other brokerages including Citigroup,
Credit Suisse initiate stock with bullish ratings
    ** FLNC up ~31% from October IPO price of $28 per share
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 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))