Fluence Energy fall as UBS downgrades to 'sell', cuts PT

Fluence Energy

17/04/2026 15:30

** Renewable energy storage provider Fluence Energy's shares FLNC.O fall 5.3% to $14.23

** UBS downgrades stock to "sell" from "neutral", slashes price target to $8 from $22

** New PT represents ~47% downside from last close

** Brokerage cites competitive risks as U.S. tax policy is incentivizing automakers to pivot from electric vehicle battery manufacturing toward utility-scale battery energy storage systems (BESS)

** "The market significantly underappreciates the potential scale of BESS manufacturing capacity additions... we see structural risks to BESS pricing and integrator (like FLNC) margins driven by excess production at-or-below cost" - UBS

** Sees threat to FLNC business model as changed policy subsidizes domestic battery production while removing EV demand support, resulting in a redirection of battery capacity toward stationary storage applications by automakers

** Including session's moves, stock is down 27.8% YTD

 (Reporting by Ragini Mathur in Bengaluru)

 ((Ragini.Mathur@thomsonreuters.com;))