Fluence Energy's (FLNC) revenue guidance cut for the fiscal year 2025 and reliance on backloaded growth increase the risk of negative revisions and earnings miss amid market share pressure from Tesla (TSLA) and Chinese competitors, BofA Securities said in a note Thursday.
BofA said that Fluence is losing market share in the US to Tesla and is growing slower than the broader market, while revision of fiscal 2025 guidance suggests limited improvement in revenue visibility.
Intensifying price competition from Chinese rivals is pressuring Fluence's gross margins, and even with US tariffs on Chinese imports, the cost advantage of Chinese battery supply chains remains a challenge, the firm added.
"We would need to see greater conviction in Fluence's ability to defend market share, improve margins via new product, and navigate regulatory uncertainties before turning more constructive," according to the note.
BofA downgraded its rating on Fluence's stock to neutral from buy and reduced the price objective to $8 from $20.
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