EVgo price target raised to $10 from $6 at Stifel

Stifel raised the firm’s price target on EVgo (EVGO) to $10 from $6 and keeps a Buy rating on the shares. The company remains the firm’s go-to pure-play name for exposure to the U.S. charging, noting that it has done a very solid job with site selection, delivered rising utilization, and is closing in on positive EBITDA in the second half of 2024, the analyst tells investors in a research note. Stifel adds it is raising its 2025-2026 revenue forecasts to $365.9 million and $497.5 million from $357.7 million and $465.5 million, respectively, to reflect the recent $1.05B conditional DOE loan and more rapid growth in charger deployments.