ChargePoint Holdings Inc. (CHPT) PT Lowered to $3 at Benchmark

Benchmark analyst Mickey Legg lowered the price target on ChargePoint Holdings Inc. (NYSE: CHPT) to $3.00 (from $4.25) while maintaining a Buy rating.

The analyst commented: "We spoke with ChargePoint’s CFO last night for an update and believe the company’s goal of achieving positive EBITDA by 2025 remains intact. Recent press releases from the company provide confidence in operational progress as partnerships with world-class customers Porsche and LG were announced in June. Given the current market sentiment and continued downward pressure on the sector, we are lowering our Price Target to $3.00 to better align with what we believe is a depressed comp group while still providing over 100% upside. We believe the stock is oversold and maintain Buy."

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