ChargePoint Holdings Inc CHPT shares are trading higher by 5.9% to $5.12 Wednesday afternoon after UBS initiated coverage on the stock with a Buy rating and $9 price target.
In a Wednesday note, UBS highlighted three key reasons for their positive outlook: CHPT's significant presence in Level 2 (L2) chargers in North America, a deep customer base supporting their growth strategy and the expectation of reaching break-even EBITDA by fiscal fourth-quarter 2025.
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UBS projects higher revenue and EBITDA for fiscal 2026 compared to consensus estimates, suggesting potential for a revaluation of the stock.
UBS also forecasts strong growth in EV charging demand, supported by EV adoption trends and notes improving opex margins for CHPT.
According to data from Benzinga Pro, CHPT has a 52-week high of $16.60 and a 52-week low of $4.73.
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