TSLA - ChargePoint's Growth Prospects Buoyed By EV Adoption Analyst Warns Of Tesla Competition Amid Weak Commercial Deliveries | Benzinga
Needham analyst Chris Pierce reiterated the Buy rating on ChargePoint Holdings, Inc. (NYSE: CHPT) with a price target of $4.
The analyst said he is still "broadly bullish" on EV adoption as a leading indicator for charger install growth, with U.S. EV sales up over 50% y/y.
Pierce views CHPT's leadership position in Level 2 AC charging and scale vs peers as compelling building blocks for a long thesis when industry growth returns.
In fact, the analyst considers CHPT as the best proxy for the charging industry given its commanding share (66% share of networked Level 2 Chargers in the U.S. per DOE data as ...