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 AlsoBlink 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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