ChargePoint Rises After JPMorgan Upgrade

This post was originally published on this site — ChargePoint Holdings Inc (NYSE:CHPT) shares are up over 9% after JPMorgan (NYSE:JPM) upgraded the company to overweight from neutral.

However, analyst Bill Peterson lowered the firm’s price target to $20 from $26.

In a research note, Peterson described the electric vehicle charging firm as “a clear leader in the North American commercial Level 2 market with increasing emerging growth opportunities in DCFC (Direct Current Fast Charging) in North America and in L2/DCFC in Europe.”

“We anticipate ChargePoint driving significant growth over the next 5-10 years, with revenues outpacing the growth range of EVs in the US and Europe driven by new opportunities in commercial and fleet operations,” stated Peterson. 

He added that the company’s “software and services business provides ChargePoint an attractive recurring revenue model.”

Elsewhere, Citi lowered their price target on Chargepoint shares to $15 from $28.