ChargePoint price target lowered to $2 from $3 at Stifel

Stifel analyst Stephen Gengaro lowered the firm’s price target on ChargePoint (CHPT) to $2 from $3 and keeps a Hold rating on the shares. The firm is lowering its revenue forecasts to reflect slower EV adoption as well as the impact of commercial customers adding charging capacity, though on a positive note, the new management team appears very focused on reducing costs and right-sizing operations for slower near-term growth, the analyst tells investors in a research note.