EVgo jumps after $1.05 bln conditional loan from US, JPM upgrade

Evgo

03/10/2024 14:53

(Updates)
    ** Shares of electric-vehicle charging firm EVgo  EVGO.O 
rise 38.9% to $5.46, hit the highest in more than one year
    ** U.S. offers company a conditional loan guarantee of up to
$1.05 bln to expand public EV-charging infrastructure across the
country
    ** Brokerage J.P.Morgan upgrades EVGO to "overweight" from
"neutral"
    ** Unlike hardware-software peers, EVGO's fast-charging
owner-operator model has been scaling well with higher
utilization and charge rates in the current muted EV environment
- brokerage
    ** JPM places EVGO on "positive catalyst watch"
    ** Average rating of 12 analysts covering the stock is
"buy", median PT is $6 - LSEG data
    ** Up to last close, stock up ~10% YTD

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