EVgo price target lowered to $5 from $6 at JPMorgan

JPMorgan lowered the firm’s price target on EVgo (EVGO) to $5 from $6 and keeps an Overweight rating on the shares. The firm updated the company’s model post the Q4 report, accounting for the disclosure around charging stalls now split between Public, Dedicated, and eXtend. JPMorgan cites multiple compression in the space for the target cut. The firm does not think the stock will “hit a floor” until EVgo completes a second drawdown on its loan to demonstrate that claw-back is unlikely and any changes to electric vehicle incentives have been fully clarified.