Blink Charging downgraded to Hold from Buy at Needham

Needham downgraded Blink Charging (BLNK) to Hold from Buy without a price target The firm sees minimal visibility into a sustained end market improvement for Blink. The company’s leverage to auto dealerships and electric car makers drove triple digit revenue growth in 2023, but its growth has been elusive thus far in 2024, the analyst tells investors in a research note. Needham continues to see an “eventual tailwind” for charging equipment given the delta between the growth in electric vehicles on U.S. roads and installed equipment, but says the timing of any tailwind is now more uncertain given the change in White House leadership. This lowers its confidence in a durable equipment ordering cycle that would benefit Blink Charging.