ChargePoint downgraded to Hold from Buy at Needham

Needham downgraded ChargePoint (CHPT) to Hold from Buy and removed the firm’s previous price target ChargePoint was the first to signal end market weakness, guiding down revenues in late 2023, notes the analyst, who sees minimal visibility into a sustained end market improvement. ChargePoint has demonstrated “commendable” operating expense leverage, but a lack of revenue growth has led to a pushout in previously communicated adjusted EBITDA profitability guidance, notes the firm, which also says the timing of any EV tailwind is now more uncertain given the change in White House leadership.