ChargePoint Holdings Inc. (CHPT) PT Lowered to $9 at Needham & Company, Remains Bullish
Needham & Company analyst Chris Pierce lowered the price target on ChargePoint Holdings Inc. (NYSE: CHPT) to $9.00 (from $13.00) while maintaining a Buy rating.
The analyst comments "We reiterate our Buy rating on CHPT post fiscal 2QF24 results and company commentary, but lower our price target to $9 on lower estimates and a lower target multiple. Economic uncertainty is leading to commercial customer sluggishness, while fleet customers experience delays electrifying their vehicles, driving consensus CHPT revenue estimates lower for the 3rd consecutive quarter. We still view CHPT as the best "pick and shovel" way in our coverage to play EV adoption, with uncertainty on the timing of growth rising in conjunction with investor skepticism. Our $9 target represents 25x (vs 30x prior) our FY27 adj EBITDA estimate discounted back."