Fluence Energy (NASDAQ: FLNC) shares dropped after Barclays analyst Christine Cho downgraded the stock. Cho moved the rating from "equal weight" to "underweight." She also lowered the price target to $10. The stock fell nearly 4% in morning trading.
Barclays adopted a more cautious outlook on the energy storage provider. The firm cited concerns over Fluence's ability to translate its backlog into near-term earnings. Barclays pointed to project delays. Increasing capital requirements also pose potential headwinds.