Why EVgo Shares Are Trading Higher Today

EVgo Inc EVGO is trading higher Thursday after JP Morgan initiated coverage with a positive outlook for the stock.

JP Morgan analyst Bill Peterson initiated coverage on EVgo with an Overweight rating and announced a price target of $20.

Peterson sees EVgo as a leader in the fast-charging EV market. The JP Morgan analyst pointed to the company's installed charger base as a solid revenue stream that can add capacity as demand increases.

The analyst also said EVgo has "attractive and growing partnerships" with automakers, ride-share and autonomous driving fleets.

Related Link: JPMorgan Sees Sharp Upside In This Electric Vehicle Charging Company

EVgo is a public fast-charging network for electric vehicles powered by renewable energy.

EVGO Price Action: EVgo has traded as high as $19.58 and as low as $7.17 over a 52-week period.

The stock was up 6.07% at $12.91 at time of publication.

Photo: courtesy of General Motors.