Blink Charging Co. (BLNK) PT Lowered to $3 at Needham

Needham analyst CHris Pierce lowered the price target on Blink Charging Co. (NASDAQ: BLNK) to $3.00 (from $4.00) while maintaining a Buy rating.

The analyst commented: "We reiterate our Buy rating and lower our price target to $3 post results and company commentary. BLNK missed consensus revenue estimates and lowered their full year guidance as charging hardware sales continue to struggle to find a bottom, with buyers remaining on the sidelines and a compelling catalyst to drive growth lacking, with EV adoption uncertainty likely picking up post a transfer of power in Washington DC as well. BLNK's owner operator model was a bright spot in the quarter, as well as expense controls and lower cash burn y/y, but we lower our revenue estimates and push out profitability to FY27, taking a conservative stance vs BLNK's guidance of positive adj EBITDA in FY25. Our $3 target is 7.5x our FY28 adj EBITDA discounted back."

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