EVgo, Inc. (EVGO) PT Raised to $5 at Cantor Fitzgerald
Cantor Fitzgerald analyst Andres Sheppard raised the price target on EVgo, Inc. (NASDAQ: EVGO) to $5.00 (from $4.00) while maintaining a Overweight rating.
The analyst comments "We reiterate our Overweight rating and we increase our 12-month Price Target to $5 (from $4), driven by an increase in our network throughput estimate for 2024. We are increasing our FY24 network throughput estimate to 263.6 GWh (from 222.9 GWh previously), which results in an increase to our FY24 revenue estimate to $258.6M (from $248.9M previously). We value the company using a 10-year DCF, and we assume a 2.5% terminal growth rate with a 12% WACC, which is consistent with the industry."