Shares of electric vehicle charging station company ChargePoint vaulted higher Tuesday after analysts at Bank of America upgraded their rating on the stock to Buy.
The analysts said ChargePoint’s network is “a best-in-class way to play the EV charging theme,” pointing to the company’s proof of execution and path to profitability.
"The company is well positioned to capitalize on industry and regulatory tailwinds given their premium asset-light business-to-business model, and strong North American market share,” analysts wrtoe. “The thesis is based on an inflection to cash flow breakeven reducing the reliance on expensive capital markets as the company builds out its network."
Shares of ChargePoint rose nearly 13% Tuesday morning to $9.59. Bank of America’s price target for the company is $14.
Essentially, ChargePoint offers hardware and software to EV charging stations in the US, Canada and Europe, with a total portfolio of around 225,000 outlets. These include commercial operators like offices or airports, fleet operators, as well as individual operators.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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