Goldman Sachs Downgrades ChargePoint Holdings Inc. (CHPT) to Sell

Goldman Sachs analyst Mark Delaney downgraded ChargePoint Holdings Inc. (NYSE: CHPT) from Neutral to Sell with a price target of $1.50 (from $2.00).

The analyst comments "We downgrade CHPT shares to Sell from Neutral as we believe slower growth in the number of EVs on the road in the US, and rising competition in EV charging, will lead to less growth than is in Street consensus (FactSet). We lower our 12-month price target to $1.50, implying 19% downside compared to our coverage median of 9% upside. With about 80% of its revenue tied to North America, we believe ChargePoint will be impacted by slower US EV sales. In addition, we believe competition is increasing, including from Tesla (both from opening up most of its US network, which could limit demand for networks using ChargePoint, and also because Tesla has recently sold its chargers as a merchant business in select situations such as to BP - putting Tesla in more direct competition with ChargePoint) and more broadly (ChargePoint noted a shift to multi-sourcing in North America on its last conference call, although this also creates an opportunity to sell standalone software)."

For an analyst ratings summary and ratings history on ChargePoint Holdings Inc. click here. For more ratings news on ChargePoint Holdings Inc. click here.

Shares of ChargePoint Holdings Inc. closed at $1.83 yesterday.

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