- Credit Suisse analyst Maheep Mandloi downgraded EVgo Inc EVGO to Neutral from Outperform with a price target of $17, up from $11, implying a 10% downside. The analyst cites valuation for the downgrade.
- Mandloi said the recent stock rally appeared to have priced in the benefits of the infrastructure bill and expanded partnerships with General Motors Co GM and Uber Technologies UBER.
- EVgo has "first mover advantages," but also faces potential competition from new entrants in a technology agnostic capital intensive industry, the analyst added.
- Price Action: EVGO shares closed lower by 1.72% at $18.90 on Friday.
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