Stifel Updates Outlook on EV Charging Stations; ChargePoint Remains a Favorite
2022.06.22 20:40
Stifel Updates Outlook on EV Charging Stations; ChargePoint (CHPT) Remains a Favorite
By Michael Elkins
ChargePoint Holdings Inc (NYSE:CHPT) remains a favorite among EV charging stations at Stifel as analysts update their outlook for EV charging companies. Stifel’s maintained a Buy rating but trimmed the price target for CHPT from $32 to $26, mainly to reflect a higher discount rate. Stifel continues to expect a sharp growth in EV charging infrastructure over the next ten or more years after reviewing recent results, revised estimates, and recent data points.
Stifel maintained a Hold rating on Blink (NASDAQ:BLNK) and cut the price target from $32 to $19. The company continues to aggressively expand through acquisitions. Blink recently announced a deal to acquire SemaConnect, an EV infrastructure company founded in 2008. Stifel sees the deal as an excellent, complementary fit for Blink.
The analysts at Stifel revised their Wallbox (NYSE:WBX) model to reflect the new Euro/U.S. dollar exchange rate. The price target for WBX was cut to $19 from $30 to reflect a higher discount rate and a modestly lower terminal value multiple.
In the near term, Stifel sees home chargers leading the way, but expects public charger demand to follow. As EV adoption rates rise and more reasonable price alternatives hit the market, Stifel believes that public charging growth will be critical.
