ChargePoint price target lowered to $6.50 from $9 at RBC Capital

RBC Capital lowered the firm’s price target on ChargePoint (CHPT) to $6.50 from $9 and keeps a Sector Perform rating on the shares. The company’s Q4 revenue was a bit better than expected and at the high end of guide but its gross margins were below expectations from lower hardware margins, the analyst tells investors in a research note. RBC adds that while Q1 shows continued sluggish demand, the management remains confident in the growth outlook and margin improvement opportunity later this year with the launch of new products.