Goldman Sachs analyst Mark Delaney has maintained their neutral stance on CHPT stock, giving a Hold rating today.
Mark Delaney has given his Hold rating due to a combination of factors surrounding ChargePoint Holdings. Despite the company’s alignment with the growing electric vehicle (EV) charging sector and its diversified product offerings, Delaney notes the potential for competitive pressures and a shift in product mix that may constrain margin expansion. Additionally, the absence of any forward guidance for the next quarter adds to the uncertainty surrounding ChargePoint’s near-term financial outlook.
Moreover, Delaney recognizes ChargePoint’s strategic efforts, such as the implementation of a multi-sourcing manufacturing model anticipated to yield cost benefits in 2024, and the company’s expectation to achieve adjusted EBITDA positivity by the end of 2024. However, he suggests that the stock might experience limited movement until there is greater clarity on the company’s long-term earning potential and free cash flow generation, which are key factors for investor confidence and stock performance.
According to TipRanks, Delaney is a 5-star analyst with an average return of 13.8% and a 61.42% success rate. Delaney covers the Consumer Cyclical sector, focusing on stocks such as Tesla, General Motors, and Magna International.
In another report released today, Citi also maintained a Hold rating on the stock with a $2.40 price target.
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ChargePoint Holdings (CHPT) Company Description:
ChargePoint Holdings (NYSE:CHPT) is an EV (electric vehicle) infrastructure company that develops and markets EV charging systems. It provides networked charging systems and cloud-based software and services to residential and commercial customers and fleet operators.
Read More on CHPT:
- ‘Time to Pull the Trigger,’ Says J.P. Morgan About ChargePoint Stock
- ChargePoint price target lowered to $6 from $17 at Evercore ISI
- ChargePoint downgraded to Neutral from Buy at B. Riley
- Chargepoint Holdings, Inc. Reports Earnings: Did it Beat Estimate Forecasts?
- ChargePoint management to meet with Oppenheimer
