Oppenheimer on ChargePoint Holdings Inc. (CHPT): 'want to see a return to revenue growth before getting constructive on shares'
Oppenheimer analyst Colin Rusch reiterated a Perform rating and $2.00 price target on ChargePoint Holdings Inc. (NYSE: CHPT).
The analyst comments "With CHPT working to finish its reorganization, we are encouraged to see incremental cost management, narrower product/service offerings, and more modest growth expectations. We believe the company's streamlined R&D efforts on both software and hardware to facilitate improved customer experience will serve the company well long-term. We also believe a corporate culture of increase cost consciousness is emerging at CHPT which should aid the effort to reach EBITDA+ in FY25. While we see important progress, we believe the strength of underlying demand remains uncertain even with higher utilization on its network and ongoing EV sales growth. As we lower numbers, we still see CHPT's balance sheet as sufficient to reach profitability, but want to see a return to revenue growth before getting constructive on shares."
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 $2.00 yesterday.