Fluence Energy initiated with a Hold at Needham

Needham initiated coverage of Fluence Energy (FLNC) with a Hold rating and no price target Fluence is a leading pure-play grid-scale storage integrator, but its early-mover advantage in domestic cell sourcing is likely to erode as EV-to-BESS capacity conversions expand U.S. supply over the next 12-24 months, says the analyst, who sees execution risk rising in a market with an increasing number of entrants.