Evercore ISI lowered the firm’s price target on EVgo (EVGO) to $4 from $7 and keeps an Outperform rating on the shares following a transfer of coverage. EVgo is one of the leading providers of direct current fast charging in the U.S., operating over 4,000 charging stalls, the analyst tells investors in a research note. The firm sees DC fast-charging as a key enabler of national electric vehicle adoption in the U.S. and a “strategic winner-take-most market” given the need for scale and network effects.
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