ChargePoint price target lowered to $2 from $2.50 at RBC Capital

RBC Capital analyst Chris Dendrinos lowered the firm’s price target on ChargePoint (CHPT) to $2 from $2.50 and keeps a Sector Perform rating on the shares. The company reported strong quarterly results with revenue above guide and adjusted EBITDA coming ahead of expectations, the analyst tells investors in a research note. RBC adds however that while ChargePoint’s performance was solid and the management is executing on the facets of the business that they can control, demand “remains largely stagnant”.