Why Blink Charging Stock Is Rising Today

Blink Charging Co. BLNK shares are trading higher after UBS initiated coverage on the stock.

What To Know: UBS analyst Robert Jamieson initiated coverage on Blink Charging with a Buy rating and announced a price target of $7.

Jamieson began by highlighting that the company has the third largest public electric vehicle network of chargers in the U.S. He also drew attention to overlooked aspects of the company, including its unique business model and margin improvement potential. He sees 2030 demand growing at a 40% CAGR, adding that, "utilization rates of public charging infrastructure will increase alongside EV adoption." Furthermore, he noted that the company addressed NACS concerns by announcing that they would commence production of NACS DCFC chargers and Level 2 NACS chargers by October 2023 and early 2024, respectively.

Jamieson believes that the company can sustain 50+% growth through the valuation period as EV adoption and charging infrastructure deployments grow.

He anticipated revenue of $180 million in 2024 and $250 million in 2025 for the company, 8% above the Street's estimate. Topline beats, progress towards breakeven EBITDA targets, and the resolution of the SEC investigation were listed as upside catalysts.

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BLNK Price Action: Shares of BLNK were up 5.63% at $3.10 at the time of publication, according to Benzinga Pro.

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