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EVgo Falls After Credit Suisse Downgrade, Citing Big November Gains -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – EVgo stock (NASDAQ:) plunged 14% Monday as Credit Suisse downgraded the stock to neutral after the stock more than doubled in November.

The stock touched a low of $15.78 in the session so far today and later recouped some losses to trade at $16.65, which is 35 cents lower than analyst Maheep Mandloi’s new target of $17.

The new target is higher than Mandloi’s previous target of $11.

According to the analyst, the stock has priced in benefits from the infrastructure plan and expanded partnerships with General Motors and Uber

Mandloi reported that while the company is a pioneer, it faces stiff competition from new entrants within a technologically-agnostic, capital-intensive industry.

EVgo has signed a deal with GM to set up fast-charging DC fast charging stalls. It plans to have 3250 of these stalls in 2025. This is more than triple the network.

EVgo, among other features in the Uber deal (NYSE: Uber), will allow drivers who don’t have access to at home charging to use their phone to charge between Uber rides.

 

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