EVgo jumps after JP Morgan upgrades to 'overweight'

Evgo

03/10/2024 13:17

** Shares of electric-vehicle charging firm EVgo  EVGO.O 
rise 15.2% to $4.52 premarket
    ** 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
    ** U.S. offers co a conditional loan guarantee of up to
$1.05 bln to expand public EV-charging infrastructure across the
country
    ** Brokerage places EVGO on "Positive Catalyst Watch", given
a likely conditional loan commitment from the U.S. Dept. of
Energy, which will accelerate co's pace of network build out -
brokerage
    ** Average rating of 12 analysts covering the stock is
"buy", their median PT is $6 - LSEG data
    ** Up to last close, stock up ~10% this year

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