ChargePoint (NYSE:CHPT) stock is getting a boost on Tuesday after the company’s shares were upgraded by Bank of America analyst Alex Vrabel.
Investors are celebrating today as the analyst upgraded shares of CHPT stock from a “neutral” rating to a “buy” rating. For comparison, the analyst consensus rating for CHPT is a “moderate buy” based on 13 opinions.
In addition to that, Vrabel also set a price target of $14 per share for CHPT stock. That’s down from the analyst’s prior price estimate of $15.50 per share. Even so, it still represents a potential 65% upside for the stock. For the record, the analyst consensus price prediction for CHPT is $17.57 per share.
Why the Upgrade for CHPT Stock?
Here’s what the Bank of America analyst had to say about CHPT in a letter to clients obtained by CNBC:
“The reason for our upgrade is simple – CHPT has proof of execution, line of sight to profitability and with its story largely unchanged since the PIPE offering, valuation is compelling against shares making all-time lows.”
The new rating for CHPT stock has shareholders excited today with nearly 4 million shares on the move this morning. That’s not a bad start to the day, considering the stock’s daily average trading volume of about 8.2 million shares.
CHPT stock is up 10.7% as of Tuesday morning, erasing its losses since the start of the year.
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On the date of publication, William White did not hold (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.