EVgo (NASDAQ:EVGO) stock is charging higher Thursday after JPMorgan analyst Bill Peterson initiated coverage of the shares with a strong price prediction.
Peterson kicks off the firm’s coverage of EVGO stock with a price prediction of $20 per share. It’s worth pointing out that this is above the analyst consensus price target of $16.83 per share for the company’s stock.
To go along with that price prediction is an overweight rating for EVGO stock. For comparison, the consensus rating among analysts is hold. That comes from three buy, four hold, and one sell rating for the shares.
So why is the JPMorgan analyst taking such a bullish stance on EVGO stock? There’s a few reasons worth highlighting from his recent letter to investors.
First off, Peterson says EVgo is a leader among fast-charging electric vehicle (EV) companies. The company’s revenue comes from its charging stations, which it’s been expanding ahead of rising demand.
Peterson believes that the company will continue to generate strong revenue from its subscription-like model. That includes its various partnerships with other companies, such as those in the ride-sharing, automaker, and autonomous fleets markets, reports TheFly.com.
The new price prediction for EVGO stock is bringing heavy trading to the shares today. As a result, some 9 million units are on the move as of this writing. That’s already above the company’s daily average trading volume of about 7.9 million shares.
EVGO stock is up 4.4% as of Thursday morning and is up 21.7% since the start of the year.
There’s more stock market news from today to check out below!
InvestorPlace offers up all the latest stock news that traders need to know about. For today, that includes recent chatter about Ensysce Biosciences (NASDAQ:ENSC) stock, the deal sending Inspira Technologies (NASDAQ:IINN) shares higher, as well as Nubank going public today. You can find out more on these matters at the links below!
More Stock Market News for Thursday
- ENSC Stock Alert: What Investors Are Saying About Ensysce Biosciences as Shares Soar Today
- IINN Stock Alert: Why Investors Are Buzzing About Inspira Technologies as Shares Blast Higher
- NU Stock IPO: 10 Things to Know as Buffett-Backed Nubank Starts Trading Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.