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Compass Digital Acquisition Corp

The looming threat of the removal of the clean energy <a href="https://www.benzinga.com/news/24/09/40752747/trump-wants-to-end-ev-tax-credits-but-yellen-warns-of-higher-bills-lost-jobs-and-chinas-gain">tax credit has rattled some</a>, but JPMorgan analyst Bill Peterson says EVgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) is set up for success.
"EVGO sees improving affordability of a larger variety of vehicles as being the primary driver of mass EV adoption," Peterson says, adding, "new EV sales would need to decline by 40% to impact the company's trajectory, which is unlikely to happen."
Even if the credit is removed, Peterson forecasts that "16% US [battery electric vehicle] penetration by 2030" is still achievable.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/11/41899963/evgo-q3-sales-surge-92-as-charging-revenues-and-customer-growth-drive-performance-stock-jumps">EVgo Q3 Sales Surge 92% As Charging Revenues And Customer Growth Drive Performance; Stock Jumps</a>
"While it has been reported that Trump's transition team intends to remove the 30D tax credit, there could be alternative ways that the administration changes it," he said, suggesting modifications like domestic content requirements or changes to MSRP and income eligibility.
<h2 class="wp-block-heading">EVgo&#8217;s Strategic Footprint Protects Growth</h2>
EVgo's strategic positioning in Republican-led states like Texas, Florida, and Arizona also sets it up for success, especially considering that these regions don't have the same emissions standards as California. Peterson added, "EVGO is relatively shielded from new EV sales growth, given it continues to drive momentum from a stable/growing EV fleet," while pointing to opportunities in autonomous and rideshare markets as potential additional growth drivers.
EVgo's confidence surrounding its Department of Energy (DOE) loan is "reaffirmed.&#8221; CEO Badar Khan called the process "de-risked" and nearing closure. Peterson feels the loan will allow EVgo to revise its EBITDA targets upward, stating, "We feel confident that EVGO will revise its EBITDA targets higher upon receiving the loan and disclose its planned build schedule through 2030."
<h2 class="wp-block-heading">Funding Concerns Seem Overblown</h2>
Despite some investor concerns about a potential clawback of funds, Peterson remains unconcerned, stating, "The government is unlikely to renegotiate its finalized contracts with US companies, especially if building charging infrastructure stimulates further EV demand and improves US competitiveness with China." 
Peterson also noted that, despite concerns over the loss of the 30C tax credit, "EVGO's business model is not reliant on highway sites."
<h2 class="wp-block-heading">EVGO Stock: A Bullish Trajectory</h2>
With 10,000 viable sites and further expansion on the horizon, EVgo's trajectory is still bullish. Peterson concluded that, "The opportunities for growth continue to increase with EV adoption," making EVgo a strong contender in the EV infrastructure race.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/11/41926301/sustainable-investment-under-trump-performance-matters-far-more-than-politics-jpmorgan-analyst-says">Sustainable Investment Under Trump: &#8216;Performance Matters Far More Than Politics,&#8217; JPMorgan Analyst Says</a></li>
</ul>

Analyst Color

Long Ideas

Analyst Ratings

Tech

Trading Ideas

EVGO

EVgo Powers On Despite Trump Shake-Up: Analyst Projects 16% US Battery EV Penetration By 2030

Wells Fargo analyst Joe Quatrochi initiates coverage on NXP Semiconductors (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) with a Overweight rating and announces Price Target of $250.

News

Price Target

Initiation

NXPI

Wells Fargo Initiates Coverage On NXP Semiconductors with Overweight Rating, Announces Price Target of $250

WIIM

VRPX

Virpax shares are trading higher after the company announced results from the swine model dose range finding study for Probudur.

Evotec shares are trading lower after Halozyme withdrew its €2 billion proposal to acquire the company.

JTAI

Jet.AI shares are trading higher after the company announced a fleet purchase agreement with Textron Aviation to purchase three Cessna Citation CJ3 Gen2 aircraft.

After Warren Buffett's conglomerate Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) declared its <a href="https://www.berkshirehathaway.com/qtrly/3rdqtr24.pdf">third-quarter results</a> in early November, investors have been curious as to why he sitting on nearly $325 billion in cash and equivalents.
What Happened: Analysts have been speculating an array of reasons for the world's most famous value investor to be holding such a huge pile of cash. It could be for an acquisition plan, a buyback<a href="https://www.benzinga.com/markets/24/11/41869558/warren-buffetts-apple-stake-reduction-spurs-97b-cash-surge-analysts-speculate-this-could-be-the-reas?utm_campaign=partner_feed&amp;utm_source=yahooFinance&amp;utm_medium=partner_feed&amp;utm_content=real_estate"> plan in case of a succession,</a> or an expectation of a market fall.
Also read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42084722/warren-buffett-destroy[%E2%80%A6]-not-investing-in-bitcoin-says-microstrategys-michael-saylor">Warren Buffett &#8216;Destroying $3B A Month&#8217; Of Berkshire Capital By Not Investing In Bitcoin, Says MicroStrategy&#8217;s Michael Saylor</a>
The stock markets have been trading higher than their pre-election levels with a looming threat of a possible pause in the interest rate cuts. This has led analysts to wonder if Berkshire is avoiding investing because he cannot find any value in the markets at the current level.
&#8220;What some describe as a hot stock market, Warren Buffett would describe as overpriced,&#8221; Cathy Seifert, a director at CFRA Research <a href="https://fortune.com/2024/11/22/warren-buffett-berkshire-pool-dominos-nvidia-sidelines-hot-stock-market/">told</a> Fortune. 
Buffet&#8217;s current stance on the cash "reflects a fundamental skepticism about the sustainability of current market valuations, the sustainability of the Trump trade, combined with the fact that they're not seeing a lot of acquisition targets that are appealing to them,&#8221; she said.
The 94-year-old Buffet will be succeeded by Greg Abel to run Berkshire. "The unfortunate actuarial reality is, at some point in time, you have a change in senior management, and I suspect that they want to have a lot of cash to buy back Berkshire Hathaway stock," said Meyer Shields, managing director at Keefe, Bruyette &amp; Woods to <a href="https://fortune.com/2024/11/22/warren-buffett-berkshire-pool-dominos-nvidia-sidelines-hot-stock-market/">Fortune</a>. He implied that freely available cash can be utilized in case of a sell-off to benefit the shareholders
On the other hand, MicroStrategy Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) co-founder, Michael Saylor has said that <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42084722/warren-buffett-destroy[%E2%80%A6]-not-investing-in-bitcoin-says-microstrategys-michael-saylor">Buffett is destroying billions of dollars</a> in capital by not utilizing the cash at their disposal to invest in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
"That $320 billion.. that is destroying $32 billion a year. They are destroying $3 billion a month in capital because they're generating a 3% after-tax yield at best, and the cost of capital is 15%. So take 12% negative real yield," Saylor said.
Also read: <a href="https://www.benzinga.com/24/11/42132644/reddit-falls-7-in-afterhours-as-advance-plans-stake-sale-technicals-show-strong-support-but-selling-pressure-persists-at-overbought-levels">Reddit Tumbles 7% In Premarket Amid Advance&#8217;s Stake Sale Announcement: Technicals Show Strong Support, But Selling Pressure Persists At Overbought Levels</a>
Why It Matters: By holding cash and equivalents Berkshire could be making only &#8220;3% after-tax yield at best, and the cost of capital is 15%. So take 12% negative real yield,&#8221; said MicroStrategy&#8217;s Saylor
While analysts speculate various reasons, Saylor in a podcast with Patrick Bet-David made a case for Buffet to invest in Bitcoin. "I'd want to bet you that if I had an hour alone with Buffett in a calm environment, I'd walk out and he would say this Bitcoin thing is a pretty good idea."
Saylor was optimistic that Buffett would have wanted to buy Bitcoin after the interaction and would come out saying that the late Charlie Munger would have liked the idea.
Read next: <a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst">Markets Misread Trump Win, Says Ex-Goldman Sachs Analyst: &#8216;Prospects Of Tariffs Not Good For Equities&#8217;</a>
Image via Shutterstock

Equities

Markets

General

$BTC

MSTR

As MSTR's Michael Saylor Says Warren Buffett Is 'Destroying' Berkshire Capital, Analyst Suggests 'Overpriced…Hot Stock Market' Could Be The Reason Oracle Of Omaha Is Sitting On $325B Cash

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/584847d9ee7bf6000154d223/deane-dray">RBC Capital analyst Deane Dray</a> upgraded the rating for Flowserve Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLS#NYSE">FLS</a>) from Sector Perform to Outperform and announced a $69 price target. Flowserve shares closed at $60.05 on Thursday. See how other analysts view this stock.</li>
<li>Keybanc analyst Jeffrey Hammond upgraded RBC Bearings Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBC#NYSE">RBC</a>) from Sector Weight to Overweight and announced a $375 price target. RBC Bearings shares closed at $324.45 on Thursday. <a href="https://www.benzinga.com/quote/PNW/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird analyst Shrenik Kothari upgraded the rating for Elastic N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) from Neutral to Outperform and raised the price target from $95 to $135. Elastic shares closed at $94.13 on Thursday. <a href="https://www.benzinga.com/quote/PNW/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Leerink Partners analyst David Risinger upgraded the rating for AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) from Market Perform to Outperform and announced a $206 price target. AbbVie shares closed at $171.73 on Thursday. <a href="https://www.benzinga.com/quote/PNW/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Seaport Global analyst Glenn Chin upgraded Sonic Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAH#NYSE">SAH</a>) from Neutral to Buy and announced a $74 price target. Sonic Automotive shares closed at $63.20 on Thursday. <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying ESTC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="559" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22084048/image-245-1024x559.png" alt="" class="wp-image-660959" style="width:657px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22084048/image-245-1024x559.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22084048/image-245-300x164.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22084048/image-245-768x419.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22084048/image-245.png 1205w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next:<a href="https://www.benzinga.com/24/11/42135346/top-3-materials-stocks-that-could-blast-off-in-november"> </a>
<ul>
<li><a href="https://www.benzinga.com/24/11/42135346/top-3-materials-stocks-that-could-blast-off-in-november">Top 3 Materials Stocks That Could Blast Off In November</a></li>
</ul>

Upgrades

Pre-Market Outlook

ABBV

ESTC

This Elastic Analyst Turns Bullish; Here Are Top 5 Upgrades For Friday

Beneficient (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BENF#NASDAQ">BENF</a>) shares are trading higher premarket on Friday after the company disclosed that its subsidiary, Beneficient Company Holdings, L.P., has completed a transaction where approximately $35 million of its preferred equity was redesignated <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42133708/beneficient-consummates-transaction-to-increase-permanent-equity-by-35-million" rel="noreferrer noopener">as non-redeemable</a>.
This transaction resulted in the addition of approximately $35 million in permanent equity to the balance sheet.
Consequently, the company now believes it meets the Nasdaq Minimum Stockholders&#8217; Equity Requirement, with stockholders&#8217; equity of at least $2.5 million. However, Nasdaq&#8217;s final determination will confirm the company&#8217;s compliance.
Beneficient also announced the appointment of Karen J. Wendel as an independent member of its Board of <a target="_blank" href="https://www.benzinga.com//node/42133707" rel="noreferrer noopener">Directors as of November 21.</a>
Apart from this, Beneficient, through its subsidiary Beneficient Fiduciary Financial, L.L.C., provided an update to the State of Kansas Joint Committee on<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42126842/beneficient-reports-to-kansas-legislative-committee-on-its-positive-developments-and-the-digital-t" rel="noreferrer noopener"> Fiduciary Financial Institutions Oversight</a>.
The update highlighted the company&#8217;s business operations, digital innovations in the alternative asset industry, and its contributions to economic development in Kansas communities.
During its testimony, Beneficient executives reviewed the company&#8217;s fiscal second-quarter results for the period ending September 30, 2024, marking the second consecutive quarter of positive diluted earnings per share for its common shareholders.
The company highlighted advancements in its financial industry-focused business, including new technology innovations, an authorization from its board to complete up to $5 billion in fiduciary financings, and a transaction that reclassified certain preferred equity, increasing Beneficient&#8217;s permanent equity by $126 million.
The testimony also emphasized progress on key projects funded primarily by proceeds generated under the Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act.
Price Action: BENF shares are up 18.2% at $1.04 premarket at the last check Friday.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/42134782" target="_blank" rel="noreferrer noopener">After Plunging 16%, MicroStrategy Makes Modest Recovery In Friday Pre-Market: Is There Still Hope For A $100K BTC Effect?</a></li>
</ul>

Large Cap

Legal

Movers

BENF

Beneficient Adds $35 Million In Permanent Equity, Aiming For Nasdaq Compliance

BTAI

BioXcel Therapeutics shares are trading lower after the company announced a public offering valued at $7 million consisting of shares and warrants.

Offerings

INDP

Indaptus Therapeutics Announces $2.135M Registered Direct Offering And Private Placement, Issuing Shares And Warrants At $1.175 Per Unit, With Closing Expected November 25, 2024

Developing innovative bispecific antibodies for monotherapy and combination with the potential to expand the frontiers of cancer treatment

Biotech

APVO

Aptevo Provided Details About Portfolio On Cancer Immunotherapy

HALO

Halozyme Therapeutics shares are trading higher after the company announced it withdrew plans to acquire Evotec.

Halozyme Withdraws €2B Proposal To Acquire Evotec After Evotec Declines Engagement, Citing Commitment To Independence; Halozyme Reaffirms 2024 Guidance And Strategic Growth Targets

Raymond James analyst Andrew Marok reiterates Roblox (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) with a Strong Buy and maintains $60 price target.

Reiteration

RBLX

Raymond James Reiterates Strong Buy on Roblox, Maintains $60 Price Target

Dynagas LNG Partners (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLNG#NYSE">DLNG</a>) just disclosed its Q3 earnings on Friday, November 22, 2024 at 08:30 AM.
Here's a brief overview of the earnings report.
<h3>Earnings</h3>
Dynagas LNG Partners beat estimated earnings by 7.000000000000001%, reporting an EPS of $0.3 versus an estimate of $0.28.
Revenue was up $2.06 million from the same period last year.
<h3>Earnings History Overview</h3>
In the previous quarter, the company missed on EPS by $0.03, resulting in a 2.0% drop change in the share price the following day.
Here's a look at Dynagas LNG Partners's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.28</td>
<td>0.30</td>
<td>0.3</td>
<td>0.11</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.25</td>
<td>0.25</td>
<td>0.2</td>
<td>0.01</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>37.91M</td>
<td>37.91M</td>
<td>38.21M</td>
<td>31.31M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>37.62M</td>
<td>38.05M</td>
<td>36.95M</td>
<td>37.01M</td>
</tr>
</tbody>
</table>

To track all earnings releases for Dynagas LNG Partners <a href="https://www.benzinga.com/quote/DLNG/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

DLNG

Earnings Summary: Dynagas LNG Partners Q3

Raymond James analyst John Ransom downgrades Tenet Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) from Strong Buy to Outperform and maintains the price target from $195 to $195.

Downgrades

Raymond James Downgrades Tenet Healthcare to Outperform, Maintains Price Target to $195

SPPL

SIMPPLE Deploys 89 Autonomous Cleaning Robots Across Three Major MRT Lines In Singapore With SMRT Trains, Marking Largest Robotic Fleet In The Land Transport Sector

Contracts

ONDS

Ondas Receives Purchase Order For The Iron Drone Raider Counter-Drone System From An Israeli Defense Company

AESI

Atlas Energy Solutions shares are trading higher after the company announced it will join the S&P small-cap 600 and replace Mueller Industries.

Raymond James analyst John Ransom downgrades HCA Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>) from Outperform to Market Perform.

Raymond James Downgrades HCA Healthcare to Market Perform

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