Stay on Sidelines - ChargePoint Analysts Say Despite Positive Q1, Await More Proof of Growth
Portfolio Pulse from Anusuya Lahiri
Analysts from Needham and Oppenheimer have mixed views on ChargePoint Holdings, Inc. (NYSE: CHPT) despite a positive Q1 performance. Needham's Chris Pierce reiterated a Buy rating with a $3 price target, citing improved revenue and EBITDA. However, he expects Q2 estimates to be revised down and remains cautious about long-term growth. Oppenheimer's Colin Rusch maintained a Perform rating, noting solid operational execution but awaiting further revenue growth evidence. CHPT shares rose 4.05% to $1.80.
June 06, 2024 | 6:03 pm
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ChargePoint Holdings, Inc. (NYSE: CHPT) received mixed analyst ratings despite a positive Q1 performance. Needham reiterated a Buy rating with a $3 price target, citing improved revenue and EBITDA. However, Q2 estimates are expected to be revised down. Oppenheimer maintained a Perform rating, noting solid operational execution but awaiting further revenue growth evidence. CHPT shares rose 4.05% to $1.80.
The positive Q1 performance and improved revenue and EBITDA are likely to boost investor confidence in the short term. However, the expected revision of Q2 estimates and cautious long-term outlook may temper enthusiasm. The 4.05% rise in share price indicates a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100