- JPMorgan analyst Bill Peterson initiated coverage on EVgo Inc EVGO with an Overweight rating and $20 price target, implying a 56% upside.
- Peterson views the company as a leader in the fast-charging electric vehicle space.
- The analyst said EVgo is generating revenue streams from its installed charger base and "prudently added" capacity as utilization increases and in order to meet future demand.
- Peterson said EVgo has "attractive and growing partnerships" across car makers, ride-share, and autonomous driving fleets.
- He anticipates an increasing portion of subscription-like revenue with potential margin upside through increasing software contributions and better energy rates.
- Price Action: EVGO shares are trading higher by 5.09% at $12.79 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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