Analyst Gabriel Daoud from TD Cowen maintained a Buy rating on EVgo (EVGO – Research Report) and keeping the price target at $5.00.
Gabriel Daoud has given his Buy rating due to a combination of factors that highlight EVgo’s strong financial performance and strategic positioning. The company reported a revenue beat of 5% over Street expectations, driven by the success of their eXtend program, and managed to significantly reduce both capital expenditures and cash burn compared to forecasts. This financial discipline, alongside the successful drawdowns from the Department of Energy loan, underpins management’s confidence in their growth trajectory despite regulatory uncertainties.
EVgo’s operational metrics also support the Buy rating, with a steady increase in average daily throughput per stall and a stable utilization rate that aligns with their long-term targets. The company’s ability to maintain these metrics while expanding their stall network and managing costs effectively positions them well for future growth. Additionally, the positive outlook for quarter-over-quarter throughput growth further strengthens the case for EVgo’s potential in the evolving electric vehicle charging market.
According to TipRanks, Daoud is an analyst with an average return of -18.1% and a 28.76% success rate. Daoud covers the Energy sector, focusing on stocks such as Matador Resources, SM Energy, and Civitas Resources.