CHPT - ChargePoint's Struggles Amidst EV Boom: What the Lowered Price Target Means for Investors | Benzinga
Needham analyst Chris Pierce maintained ChargePoint Holdings Inc (NYSE: CHPT) with a Buy and lowered the price target from $13 to $9.
The re-rating reflects 2Q results, company commentary, lower estimates, and a lower target multiple.
Economic uncertainty leads to sluggish commercial customers while fleet customers experience delays electrifying their vehicles, driving consensus CHPT revenue estimates lower for the third consecutive quarter.
Pierce still views CHPT as the best "pick and shovel" way in his coverage to play EV adoption, with uncertainty on the timing of growth rising in conjunction with investor skepticism.
He modeled a 3.5x increase in CHPT-activated ports by 2030 vs. current levels, despite industry assumptions of 10x growth in EVs on U.S. roads and ~9x growth in installed chargers.
CHPT is the acknowledged industry leader ...