H.C. Wainwright Turns Bullish On Blink Charging

H.C. Wainwright analyst Sameer Joshi upgraded Blink Charging Co BLNK to Buy from Neutral with a $50 price target, implying a 25% upside.
The analyst cited "several positive developments" for the upgrade, including a "significantly better" macro environment driven mainly by the approximately $7.5B allocated to electric vehicle charging network build-out in the U.S. as part of the infrastructure bill that has passed both houses of the U.S. Congress.
Sameer believed the administration's aim to modify the existing $7,500 incentive per EV from a tax credit to a tax refund, and provide an additional benefit of $4,500 for EVs produced in U.S. factories with union labor should create additional demand for electric vehicles.
See Also: Blink Charging Shares Surge On Better-Than-Expected Q3 Revenue
Recently, Cowen analyst Gabe Daoud raised the price target to $41 from $35 and kept an Outperform rating on the shares. The analyst said results were another strong top-line beat while gross margins are perhaps not a big focal point, they did decline.
Roth Capital analyst Craig Irwin upgraded Blink Charging to Buy from Neutral with a price target of $45 (implying 12% upside), up from $37, following the Q3 results.
Irwin notes Blink's improving business momentum is likely to accelerate in 2H22 on greater availability to infrastructure subsidies.
Irwin adds that the team's long tenure in EV charging positions it well to benefit from a constructive environment.
Price Action: BLNK shares closed higher by 12.67% at $40.01 on Friday.

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