Fluence Energy price target lowered to $13 from $28 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on Fluence Energy (FLNC) to $13 from $28 but keeps a Buy rating on the shares after its Q4 earnings miss. Investor sentiment into the print was already fairly negative, but the company’s underperformance year-to-date did little to soften the hit following the topline guide-down, the analyst tells investors in a research note. Fluence is likely to remain in the penalty box for the near future, but the revised 4.5-times EBITDA multiple is at an unsustainable level for shares to trade at given the still strong underlying growth dynamics, Truist adds.