UPDATE: B.Riley Starts ChargePoint Holdings Inc. (CHPT) at Buy
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B.Riley analyst Christopher Souther initiates coverage on ChargePoint Holdings Inc. (NYSE: CHPT) with a Buy rating and a price target of $20.00.
The analyst comments "We are initiating coverage of ChargePoint Holdings, Inc. (CHPT) with a Buy rating and a $20 PT based on the company’s dominant market share, established brand, and growth strategy. ChargePoint has more than a 70% market share in networked Level 2 charging in North America and ~5,000 commercial and fleet customers globally. ChargePoint employs a capitallight growth model in which customers usually own the charging sites or stations, allowing the company to focus on product development, customer acquisition, and public policy. We like ChargePoint’s approach; it does not rely on utilization or selling electricity to generate revenue, as do company-owned business models. We base our $20 PT on a 6.0x EV/sales multiple on our FY25E revenue of $1.1M. This multiple is a premium to the peer group average of 4.0x, which we believe is warranted given ChargePoint’s scale, brand, and growth profile."
Shares of ChargePoint Holdings Inc. closed at $12.55 yesterday.
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