ChargePoint price target lowered to $1.30 from $1.50 at UBS

UBS lowered the firm’s price target on ChargePoint (CHPT) to $1.30 from $1.50 and keeps a Neutral rating on the shares. ChargePoint’s Q3 results were better than anticipated, but UBS remains cautious on the shares given ongoing cash burn and limited potential for incremental cost cuts to drive profitability, the analyst tells investors in a research note. The firm revised estimates for FY25-FY27 sales to reflect the increasing risk of a rollback of the federal consumer EV tax credit impacting EV charging hardware demand.