ChargePoint price target lowered to $6 from $17 at Evercore ISI
The Fly

ChargePoint price target lowered to $6 from $17 at Evercore ISI

Evercore ISI lowered the firm’s price target on ChargePoint to $6 from $17 and keeps an Outperform rating on the shares. There is “a lot of noise” around ChargePoint given the recent management changes, capital sourcing transactions, inventory writedowns, strategic corporate reorganization, and slowing EV adoption news, and “clearly execution must improve,” but the company still has several levers to improve gross margins and the firm continues to believe that the electrification of mobility is a “mega theme” and points to ChargePoint as a first mover with over $1B of capital invested. ChargePoint has reiterated its goal to generate positive adjusted EBITDA by the fourth quarter of calendar 2024, but did not provide fourth quarter guidance given headwinds and new management still getting situated in their new roles, the analyst noted.

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