Fluence Energy price target raised to $11 from $5 at Jefferies

Jefferies analyst Julien Dumoulin-Smith raised the firm’s price target on Fluence Energy (FLNC) to $11 from $5 and keeps an Underperform rating on the shares. Sentiment continues to improve on U.S. Battery Energy Storage System, notes the analyst, who “concedes” to an improving backdrop on U.S. demand after a rocky start to the year. The firm “even sees” potential for DC-related orders hitting Fluence’s backlog, though it awaits “firm proof points that a recovery is indeed on the horizon,” the analyst added.