Needham analyst Chris Pierce has reiterated their neutral stance on CHPT stock, giving a Hold rating on September 2.
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Chris Pierce has given his Hold rating due to a combination of factors including ChargePoint Holdings’ recent quarterly results and management’s insights. Although the company is making strides in enhancing its margins, maintaining cost control, and preserving liquidity, the immediate demand trends are not very promising, and the timeline for achieving profitability has been extended. The company’s conservative revenue guidance highlights ongoing uncertainties related to electric vehicle adoption and regulatory backing, which complicates the prediction of a near-term improvement in the company’s fundamentals. Pierce believes that the current stock price accurately reflects both the company’s operational improvements and the challenges it faces in terms of growth visibility and profitability. As a result, he prefers to adopt a cautious stance until there is more definitive evidence of a sustained recovery.
In another report released on September 2, Roth MKM also maintained a Hold rating on the stock with a $11.00 price target.