EVgo initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Andrew Percoco initiated coverage of EVgo (EVGO) with an Equal Weight rating and $4 price target The company is a “pure-play” EV charging name positioned well in a growing EV market, while its partnerships with OEMs, site hosts and fleet operators, and low-cost financing should enable it to generate strong earnings growth, the analyst tells investors in a research note. The firm adds however that policy risk, competitive pressures, and valuation keep Morgan Stanley on the sidelines.