EVgo price target lowered to $4 from $8 at Roth MKM

Roth MKM lowered the firm’s price target on EVgo (EVGO) to $4 from $8 and keeps a Buy rating on the shares. The company reported in-line Q4 results with “impressive throughputs and record new stalls,” the analyst tells investors in a research note. The firm says the Department of Energy loan uncertainty is an overhang and “there may be a shift” as management says it hasn’t scheduled another DOE advance. Assuming loan support, EVgo is likely set conservative guidance of $1B-plus in 2029 revenue on 11,000 stalls, driving $350M in EBITDA, contends Roth. It believes positive EBITDA in the second half of 2025 “looks achievable.”