ChargePoint’s Shifting Fortunes: Analyst Lowers Forecast Citing Slow EV Market And Emerging Cost Reduction Strategies
RBC Capital Markets analyst Christopher Dendrinos downgraded ChargePoint Holdings, Inc. (NYSE:CHPT) to Sector Perform from Outperform, lowering the forecast to $3 from $3.50.
Yesterday, the company reported fourth-quarter sales of $115.833 million, which missed the analyst consensus estimate of $118.777 million.
The analyst downgraded the stock, citing a challenging macro backdrop impacting financial performance.
Per Dendrinos, continued revenue pressure as a result of sluggish macro demand is a concern over the company’s first quarter of 2025 guidance.
Of the major issues, the pace of BEV adoption in the U.S. has stagnated, holding at ~8% for the past nine months and weighing on consumer sentiment and demand for charging infrastructure, the …
Full story available on Benzinga.com
