ChargePoint price target lowered to $4 from $8 at Needham

Needham lowered the firm’s price target on ChargePoint to $4 from $8 but keeps a Buy rating on the shares. The company’s negative Q3 pre-announcement shows that it continues to see order delays amid economic uncertainty, while the slowness in fleet and commercial EV deliveries is negatively impacting the timing of revenues, the analyst tells investors in a research note. The firm adds however that it is still a believer in EV adoption at the consumer and fleet levels given government incentives and the lower total cost of ownership vs. ICE vehicles.