Two Analysts Just Cut Fluence Energy (FLNC). Can It Still Be a Buy in 2026?

Fluence Energy, Inc. (NASDAQ:FLNC) is one of the best EV battery stocks to buy in 2026. On April 30, Roth Capital lowered its price target on Fluence Energy, Inc. (NASDAQ:FLNC) to $13 from $19 while keeping a Neutral rating on the stock.

The core of Roth’s caution is a concern that Fluence’s gross margins are not improving fast enough. The firm wants to see harder evidence that margins are actually recovering before they become more constructive on the stock, especially after first-quarter results came in below expectations.

Adding pressure to that concern, peers in the battery storage and energy equipment space have been signaling margin compression in their own commentary, Roth noted. In other words, the pricing environment across the industry is getting tougher, and this makes a near-term margin recovery at Fluence even harder to count on.

Nonetheless, Roth does expect Fluence to report a substantial pickup in both deliveries and margins in Q2 compared to Q1. However, its estimates sit below the broader analyst consensus.

Separately, on April 17, UBS analyst Jon Windham downgraded Fluence from Neutral to Sell and slashed the price target to $8 from $22. The analyst cited a structural threat to the company’s business model driven by what he sees as an impending and underappreciated wave of battery oversupply.

According to Windham, as government incentives make EV manufacturing less attractive, auto manufacturers are pivoting their battery production capacity toward utility-scale BESS, which is Fluence’s core market. Windham believes this will flood the sector with supply and push prices down sharply.

Fluence Energy, Inc. (NASDAQ:FLNC) is an energy storage technology company that provides battery-based energy storage systems using lithium-ion batteries. The company designs and deploys battery storage solutions that support grid reliability and integrate renewable energy. It supplies battery systems, software, and services that manage energy storage and performance.

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