Why ChargePoint Shares Are Moving Higher
Portfolio Pulse from Ryan Gustafson
ChargePoint Inc. (NYSE:CHPT) shares are moving higher after BofA Securities upgraded the stock to Buy. Analyst Alex Vrabel cited proof of execution, improved profitability outlook, and consistency since its PIPE offering. ChargePoint holds a 70% market share in the US networked EV chargers market and is expected to benefit from Tesla's crowded SuperCharger network.
May 30, 2023 | 6:22 pm
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ChargePoint's stock upgraded to Buy by BofA Securities, citing improved profitability outlook, strong market share, and potential benefits from Tesla's crowded SuperCharger network.
The upgrade by BofA Securities is based on ChargePoint's strong market share, improved profitability outlook, and potential benefits from Tesla's crowded SuperCharger network. This positive outlook from a reputable analyst is likely to have a short-term positive impact on the stock price.
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