The upgrade to Outperform suggests a positive outlook on EVgo's performance by RBC Capital, indicating a belief in the company's potential to outperform the market or its sector. However, the reduction in the price target from $5 to $4, while still an upgrade, suggests a cautious approach to valuation, possibly due to market conditions or company-specific factors. This mixed signal could lead to short-term positive momentum due to the upgrade, but the lowered price target may temper expectations.