EVgo price target lowered to $7 from $8 at RBC Capital

RBC Capital lowered the firm’s price target on EVgo (EVGO) to $7 from $8 and keeps an Outperform rating on the shares after its Q4 results. The company continues to benefit from growing EV VIO and a market that is under-penetrated, and while there is uncertainty around the future of federal tax credits and grant programs, these are not meaningful contributors to the overall strategy, the analyst tells investors in a research note. Organic offsets, such as capital cost reductions exist, and EVgo is on track to achieve this, RBC adds.