ChargePoint Holdings Inc. (CHPT) Earnings Looks Solid Out of the Gate - Oppenheimer
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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 4FQ21 sales of $42.4M on GAAP gross margin
of 21.0%, vs. consensus' $43.2M and 20.4% estimates. Adj. EPS was ($1.72) vs. our expectations of ($2.37) that are based on a very wide range.
The analyst stated "CHPT posted solid 4QFY21 results and guided ahead of the Street for FY22. Given a backdrop of strong EV/PHEV growth across both passenger and commercial vehicles, we believe CHPT is seeing demand inflect higher. We are encouraged to hear commentary that utility-driven protocols and regulations are being refined as charging infrastructure density increases and expect CHPT to be a key beneficiary of these programs given its modular design that enables smoother power management at a
given location. We are also encouraged by momentum in the commercial fleet market, which we view as a key multi-year growth driver."
Shares of ChargePoint Holdings Inc. closed at $26.55 yesterday.
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