JPMorgan placed EVgo (EVGO) on “Positive Catalyst Watch” while keeping an Overweight rating on the shares with an $8 price target The firm came away from management meetings with incremental confidence around the likelihood of the Department of Energy loan closing imminently and the durability of the business model in any electric vehicle demand environment. The analyst says this supports a broader preference for EV charging owner-operators over hardware-software providers. EVgo shares will rally on news of the DOE loan closing, followed by positive mid-term guidance revisions to profitability targets, the analyst tells investors in a research note.
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