Oppenheimer Downgrades ESS Inc. (GWH) to Perform

Oppenheimer analyst Colin Rusch downgraded ESS Inc. (NYSE: GWH) from Outperform to Perform.

The analyst comments: "GWH continues to pioneer the long-duration energy storage market while navigating customer delays. We are encouraged that the company is delivering against signed contracts, notably with its Australian customer, but recognize the likelihood of domestic project decision-making delays given recent election results. We continue to anticipate that existing US manufacturing facilities for energy storage and grid hardening assets will likely retain IRA support measures, but believe project developers and owners are assessing risks across their portfolios and pipelines. Given GWH's indication that it is evaluating financing options, we are stepping to the sidelines looking for clarity on capital structure and incremental consistency on delivery schedules, noting that we continue to see a significant need for long-duration storage technologies and believe GWH will prove a long-term leader in the segment."

For an analyst ratings summary and ratings history on ESS Inc. click here. For more ratings news on ESS Inc. click here.

Shares of ESS Inc. closed at $8.90 yesterday.

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