Needham analyst Chris Pierce has reiterated their neutral stance on EVGO stock, giving a Hold rating on November 5.
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Chris Pierce has given his Hold rating due to a combination of factors affecting EVgo’s outlook. Despite the potential for positive revisions in the company’s long-term modeling framework, there is a significant gap between these projections and current estimates. This discrepancy suggests that while there is room for growth, it may be challenging to achieve the optimistic targets set by the company.
Furthermore, the sentiment around electric vehicle (EV) adoption remains subdued, with recent demand pull-forward creating a negative outlook. This negative sentiment, coupled with an increasing supply of DC Fast Charging options, could hinder EVgo’s growth expectations. As a result, Chris Pierce views EVgo as fairly valued at present, leading to the Hold rating.
In another report released on November 5, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $3.50 price target.