TM - EVgo's Focus On High-Traffic Locations Positions It As An Attractive Charging Operator Says analyst | Benzinga
Benchmark analyst Michael Legg initiated coverage on the shares of EVgo Inc (NASDAQ:EVGO) with a Buy rating and announced a price target of $3.
EVgo is an electric vehicle (EV) charging site operator focused on fast chargers for high traffic, high-density locations.
It owns and operates 3,240 stalls in 35 states strategically positioned to leverage its charging base as the EV industry matures.
The analyst expects continued financial progress through 2024, with 2025 expected to be a breakout year as the company achieves positive EBITDA by year-end.
The analyst has modeled the company adding 800 stalls per year. Cash at the end of 1Q24 totaled $175 million, which is sufficient in the analyst’s view to fund the business to 2H25.