Clean Tech Companies In 'Defense Mode' Ahead Of Q4 Earnings, Yet Analyst Says This EV Stock May Offer Over 50% Upside
Portfolio Pulse from Surbhi Jain
Clean tech companies are expected to adopt a defensive stance in Q4 earnings amid liquidity concerns and weaker demand, according to JPMorgan. Enovix Corp (ENVX) is highlighted as an exception with a potential over 50% upside. ChargePoint Holdings (CHPT), EVgo Inc (EVGO), and Plug Power Inc (PLUG) face challenges, with the sector underperforming and investors showing skepticism. JPMorgan remains optimistic about Enovix, expecting modest revenue in Q4 2023 and significant growth in 2024.
February 12, 2024 | 6:18 pm
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POSITIVE IMPACT
Enovix Corp is seen as a potential standout in the clean tech sector with JPMorgan setting a price target of $18, indicating over 50% upside from current levels.
Enovix's potential for significant revenue growth, especially in consumer electronics and the EV market, along with positive catalysts like the commencement of high-volume manufacturing, positions it well for growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Plug Power Inc has seen a 26% stock increase in 5 days, amid financial and regulatory challenges in the hydrogen sector.
While Plug Power has experienced a significant stock price increase, the underlying financial and regulatory challenges in the hydrogen sector remain, making its future performance uncertain.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
ChargePoint Holdings faces challenges in the EV charging race, including a 12% staff reduction aimed at $33M in annual savings.
The staff reduction and the competitive pressure from Tesla's fast charger installations indicate financial and operational challenges that could impact ChargePoint's performance.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
EVgo Inc faces price competition and regulatory credit challenges, impacting margins and returns as it struggles to keep up in the EV charging race.
Price competition and regulatory credits are significant challenges for EVgo, potentially affecting its financial performance and ability to compete effectively in the EV charging market.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80