ChargePoint downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Chris McNally downgraded ChargePoint (CHPT) to In Line from Outperform with a price target of $1, down from $4, following a transfer of coverage. The company continues to expand its charging network through strategic partnerships and is not yet profitable, the analyst tells investors in a research note. The firm sees more commoditization risk with free cash flow burn for ChargePoint.