Written by Cláudio Afonso | LinkedIn | X
Benchmark analyst Mickey Legg has raised the price target on the EV charging company EVgo by 66.6% to $5.00, up from the previous target of $3.00, while maintaining a Buy rating on the stock.
Legg’s decision comes as EVgo continues to show robust growth, with increased utilization of its charging network and a favorable shift in market sentiment.
“We are raising our price target to $5 from $3, as EVgo is experiencing continued momentum since we launched coverage,” Legg commented in a new research note.
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According to the analyst, EVgo’s stock has appreciated over 70% since Benchmark initiated coverage on June 5, surpassing the initial $3 price target.
The fast-charging network’s performance has been a significant driver, with average throughput rising to 193kWh in the first quarter of 2024, up from an average of 140kWh in 2023.
Toyota Motor announced recently a collaboration with the charging company to install DC fast chargers in Baldwin Park, and Sacramento, both areas located in California.
The high-power 350kW chargers, to be installed, owned, and operated by EVgo, one of the nation’s largest public fast charging networks, are targeted to be operational in 2025.
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Written by Cláudio Afonso | LinkedIn | X
