UPDATE: B.Riley Starts ChargePoint Holdings Inc. (CHPT) at Buy

(Updated - June 17, 2022 7:01 AM EDT)

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."

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 $12.55 yesterday.

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