Needham analyst Chris Pierce has reiterated their neutral stance on EVGO stock, giving a Hold rating on July 28.
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Chris Pierce has given his Hold rating due to a combination of factors, including EVgo’s recent financial performance and strategic developments. The company reported record revenue and improved utilization in its second quarter results, which are positive indicators of its operational efficiency and growth potential. Additionally, EVgo secured a $300 million commercial bank facility to support its network expansion, highlighting its commitment to capital-efficient growth.
However, despite these strengths, Chris Pierce notes that the competitive landscape is intensifying, particularly with new entrants targeting the rideshare segment, which has been crucial for EVgo’s throughput. Furthermore, there is uncertainty surrounding broader electric vehicle driver adoption, which could impact the company’s near-term growth prospects. These elements contribute to a tempered outlook, justifying the Hold rating despite EVgo’s strong execution and promising long-term potential.
Pierce covers the Consumer Cyclical sector, focusing on stocks such as Carvana Co, EVgo, and CarMax. According to TipRanks, Pierce has an average return of -3.8% and a 39.56% success rate on recommended stocks.
In another report released on July 28, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $3.50 price target.