UPDATE: JPMorgan Starts EVgo, Inc. (EVGO) at Overweight

(Updated - December 9, 2021 4:57 AM EST)

JPMorgan analyst Bill Peterson initiates coverage on EVgo, Inc. (NASDAQ: EVGO) with a Overweight rating and a price target of $20.00.

The analyst comments "EVgo is a leading owner/operator of a DC Fast Charging network in the US generating revenue streams from its installed charger base and prudently added capacity as utilization increases and in order to meet future demand. Its highly reliable network can be used for all types of EVs in the US without an adapter (including Teslas). EVgo has attractive and growing partnerships across car OEMs, ride-share and autonomous driving fleets. We anticipate an increasing portion of subscription-like revenue with potential margin upside through increasing software contributions and better energy rates. Above-average upside potential to our price target drives our Overweight rating on EVGO."

For an analyst ratings summary and ratings history on EVgo, Inc. click here. For more ratings news on EVgo, Inc. click here.

Shares of EVgo, Inc. closed at $12.17 yesterday.

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