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.
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Read More on CHPT:
- C-Suite Shakeup, Analyst Revolt Sends ChargePoint (NYSE:CHPT) Plunging
- ChargePoint downgraded to Perform from Outperform at Oppenheimer
- ChargePoint price target lowered to $3 from $5 at TD Cowen
- ChargePoint downgraded to Neutral at Janney after Q3 prerelease, C-suite reorg
- ChargePoint price target lowered to $5 from $9 at RBC Capital
