EVgo Falls After Credit Suisse Downgrade, Citing Big November Gains

·1 min read

By Dhirendra Tripathi

Investing.com – EVgo stock (NASDAQ:EVGO) plunged 14% Monday as Credit Suisse downgraded the stock to neutral after the stock more than doubled in November.

The stock touched a low of $15.78 in the session so far today and later recouped some losses to trade at $16.65, which is 35 cents lower than analyst Maheep Mandloi’s new target of $17.

The new target is higher than Mandloi’s previous target of $11.

According to the analyst, the stock has priced in benefits from the infrastructure plan and expanded partnerships with General Motors and Uber

The company has a first-mover advantage, but also faces competition from new entrants in a technology-agnostic capital intensive industry, Mandloi wrote in the report.

Under the deal with GM, EVgo is setting up high-powered DC fast charging stalls and plans to have 3,250 of them by 2025, more than tripling the network.

Among other features under the deal with Uber (NYSE:UBER) Uber, EVgo will enable drivers without access to at-home charging to charge in between Uber trips.

Related Articles

EVgo Falls After Credit Suisse Downgrade, Citing Big November Gains

Thyssenkrupp considers listing hydrogen business in first quarter - Bloomberg

2 Under the Radar Chip Stocks to Buy Right Now