CHPT - Why ChargePoint Stock Is Rallying This Week
2023-06-01 14:02:50 ET
ChargePoint (NYSE: CHPT) stock is enjoying a significant valuation boost this week. The electric-vehicle (EV) charging company's share price had risen 16.4% from the previous week's market close as of 1:15 p.m. ET on Thursday, according to data from S&P Global Market Intelligence .
In addition to bullish momentum generally lifting companies with growth-dependent valuations, ChargePoint stock is enjoying strong gains thanks to positive coverage from an analyst. Bank of America 's Alex Vrabel published a note on the stock on May 30 suggesting that shares offered substantial upside potential, and investors responded by buying into the charging specialist.
In his analyst note, Vrabel upgraded his rating on ChargePoint from neutral to buy and also issued a one-year price target on the stock of $14 per share. Even with the subsequent rally, the price target still implies roughly 40% upside for the stock.
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Why ChargePoint Stock Is Rallying This Week