TSLA - Shock For ChargePoint - Analyst Downgrades Amid Sluggish EV Market And Rising Competition | Benzinga
ChargePoint Holdings, Inc. (NYSE:CHPT) shares are trading lower after Goldman Sachs analyst Mark Delaney downgraded the stock to Sell (from Neutral) and cut the price target to $1.50 (from $2.00).
The analyst’s bearish stance is due to expected slower growth in the number of EVs on the road in the U.S. and rising competition in EV charging.
In particular, Delaney expects the company to be impacted by slower U.S. EV sales as about 80% of its revenue is derived from North America.
Also, the analyst sees ChargePoint to face major competition, as Tesla, Inc. (NASDAQ:TSLA) recently sold its chargers as a merchant business in select situations, along with ...