Despite OEM-Tesla Agreements, Analyst Sees CHPT Gaining In North American Public Charging Market
Portfolio Pulse from Shivani Kumaresan
Oppenheimer analyst Colin Rusch reiterated an Outperform rating on ChargePoint Holdings Inc (CHPT) and lowered the price target from $14 to $13. CHPT recently announced a commitment by investors to purchase $175 million of common stock and raised net proceeds of $57 million under the ATM facility during Q3 FY24. The company also extended the due date of its convertible debt to 2028 and adjusted the convertible price from $24.03/share to $12/share. Despite agreements between vehicle OEMs and Tesla (TSLA), the analyst sees CHPT gaining incremental share in the North American public charging market.
October 17, 2023 | 6:53 pm
News sentiment analysis
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NEUTRAL IMPACT
Despite agreements between vehicle OEMs and Tesla, CHPT is expected to gain in the North American public charging market.
While Tesla has agreements with vehicle OEMs, the analyst believes that CHPT will still gain in the North American public charging market. This suggests that the impact on Tesla's stock price may be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Oppenheimer analyst maintains Outperform rating on CHPT and lowers price target. CHPT is expected to gain in the North American public charging market despite OEM-Tesla agreements.
The analyst's positive outlook on CHPT, despite lowering the price target, indicates confidence in the company's potential to gain market share. The extension of the due date of its convertible debt and the adjustment of the convertible price also suggest a strong financial position. These factors could positively impact CHPT's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100