UBS said the worsened sentiment around ChargePoint has created an 'attractive risk/reward' profile for investors.
Electric-vehicle charging stations provider ChargePoint could make a massive recovery, according to UBS. Analyst Robert Jamieson initiated the stock with a buy rating. He assigned a price target of $9, implying shares could gain 85.6% from Tuesday's closing price. UBS said the worsened sentiment around ChargePoint has created an "attractive risk/reward" profile for investors. Shares have lost more than 49% this year.
And the firm sees L2 charging ports, such as ChargePoint's Home Flex port, eventually accounting for over 90% of the installed base in 2030, up from roughly 80% now. "L2 chargers, in our view, will play a critical role in the United States and enabling EV adoption," Jamieson wrote in the Tuesday note. "This charging type leverages dwell times of cars and are therefore deployed in settings where EVs will be parked for several hours.
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