ChargePoint plumbs fresh depths as UBS downgrades, hacks PT

Blink Charging

28/11/2023 16:19

** Shares of ChargePoint  CHPT.N  last down 6.3% at $1.87 on
Tues after UBS downgrades to "neutral" from "buy" in wake of EV
charging network operator's C-suite changes
    ** CHPT's shares fell as much as 10.1% to record low of
$1.79
    ** UBS hacks PT to $2.25 from $9
    ** CHPT's stock slumped 35% on Nov 17 after co slashed its
Q3 rev forecast and announced Rick Wilmer to replace longtime
CEO Pasquale Romano and CFO departure
    ** "While we view management changes as a potential positive
development, we will be looking for updates on the go forward
strategy and path to breakeven EBITDA," UBS analyst Robert
Jamieson wrote in note to clients
    ** In contrast to other peers like Blink Charging  BLNK.O ,
CHPT noted weakness in its Fleet segment, Jamieson said, adding
he expects tougher competitive environment to pressure CHPT's
share in Fleet
    ** ChargePoint due to report Q3 results on Dec 6
    ** Now, 9 of 21 analysts rate stock "strong buy" or "buy",
rest "hold", per LSEG data; Median PT of $4.50 down from $10 a
month ago
    ** With move on the session, shares down 80% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))