ChargePoint down after JPM downgrades to 'underweight'

ChargePoint Holdings

03/10/2024 13:48

** EV charging network operator ChargePoint Holdings'
 CHPT.N  shares down 1.6% at $1.29 premarket
    ** Brokerage J.P.Morgan downgrades company's shares to
"underweight" from "overweight"
    ** CHPT to continue underperforming charging peers due to
dependence on rebound in EV adoption as commercial customers
have slowed discretionary charger purchases and fleet customers
remain vehicle constrained - brokerage
    ** Investor sentiment remains negative given concerns around
CHPT's ability to demonstrate sustainable profitable model that
is not reliant only on cost savings from offshoring
manufacturing to Asia - JPM
    ** Average rating of 20 analysts covering stock is "hold",
median PT $2.50 - LSEG
    ** As of last close, stock down ~44% this year

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass))