Credit Suisse Downgrades EVgo Citing Valuation

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.