CHPT - Why ChargePoint's Stock Is Surging Higher Today
2023-05-30 11:38:04 ET
Beginning the abbreviated trading week on a bullish note, shares of ChargePoint (NYSE: CHPT) are racing higher out of the gate this morning. While cautious optimism about a resolution to the debt ceiling crisis is pushing the S&P 500 slightly higher, an analyst's positive take on the EV charging stock is powering investors to pick up shares.
Shares of ChargePoint are up 12.1% as of 11:20 a.m. ET.
Espousing a more bullish outlook on ChargePoint, Alex Vrabel, an analyst at Bank of America , upgraded the stock to buy from neutral. Despite the more favorable outlook, Vrabel reduced the price target to $14 from $15.50. Based on the stock's closing price of $8.25 at the end of Friday's trading session, Vrabel's price target implies upside of 70%.
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Why ChargePoint's Stock Is Surging Higher Today