ChargePoint Holdings Inc. (CHPT) Beats on Top Line as Fleet Biz Recovers Slowly, Oppenheimer Reiterates Outperform

June 4, 2021 9:30 AM EDT
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Price: $13.69 --0%

Rating Summary:
    10 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 3 | Down: 11 | New: 10
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Oppenheimer analyst Colin Rusch reiterated an Outperform rating and $39.00 price target on ChargePoint Holdings Inc. (NYSE: CHPT) after the company reported better than expected revenue and guidance as the company continues to navigate margin headwinds from mix and component availability. NA and EU passenger vehicle sales are showing a ~40% Y/Y improvement but commercial vehicle growth has been slow to recover as OEMs redesign products and adjust manufacturing processes, leaving the fleet business under pressure.

The analyst stated "We are encouraged to see improving sales traction in Europe and with its DC fast charging solution, which we expect to carry advantaged margins as volumes scale up. We note the company's customer relationships are growing well with 5K new customers in the quarter and re-buy rates at 60%. We continue to believe the company's controls and buffering capabilities in its solutions are underappreciated as we believe these functionalities ease permitting, lower balance of systems expense, and optimize performance. Last, we are encouraged by subscription growth of 64% Y/Y, which suggests improving software attach rates".

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 $26.27 yesterday.

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