UPDATE: JPMorgan Upgrades ChargePoint Holdings Inc. (CHPT) to Overweight

January 31, 2022 4:03 AM EST
Get Alerts CHPT Hot Sheet
Price: $13.69 --0%

Rating Summary:
    10 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 3 | Down: 10 | New: 9
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(Updated - January 31, 2022 5:20 AM EST)

JPMorgan analyst Bill Peterson upgraded ChargePoint Holdings Inc. (NYSE: CHPT) from Neutral to Overweight with a price target of $20.00 (from $26.00).

The analyst comments "We rate CHPT Overweight. ChargePoint is a clear leader in the North American commercial Level 2 market with increasing emerging growth opportunities in DCFC in North America and in L2/DCFC in Europe. We anticipate ChargePoint driving significant growth over the next 5-10 years, with revenues outpacing the growth range of EVs in the US and Europe driven by new opportunities in commercial and fleet operations. The company’s software and services business provides ChargePoint an attractive recurring revenue model. Our Dec-22 price target of $20 is based on an equal-weighted blend of future dated EV/S and EV/EBITDA discounted back to 2023 and DCF (33% each). Our assigned 6x EV/S, and 25x EV/EBITDA multiples are in line with other high-growth, emerging cleantech, EV, battery, and renewable stocks and our 18% assigned discount rate (up from 15%) accounts for appropriate risk in the stock amid a rising interest rate environment, in our view."

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 $12.65 yesterday.

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