ChargePoint (NYSE:CHPT) stock is getting a boost on Thursday after TD Cowen analysts increased their price target for the electric vehicle (EV) charging network company’s shares.
This saw TD Cowen analyst Gabe Daoud Jr. increase the firm’s price target for CHPT stock from $3 per share to $4 per share. That’s a potential 110% upside from its prior closing price. However, it’s still below the analysts’ consensus price prediction of $7.23 per share.
TD Cowen continues to maintain its “outperform” rating for ChargePoint shares. That’s better than the analysts’ consensus rating of hold based on 18 opinions.
What’s Behind the New CHPT Stock Price Target?
Here’s what Daoud Jr. had to say about ChargePoint in a note to clients obtained by CNBC:
“We expect fewer fireworks with the 4Q print though top-line growth is likely muted as we model total revenue of $116MM and adj. gross margins of 20% (in-line with normalized 3Q levels). On the call, look for further details on F2025 guide, commercial spending / fleet deliveries, inventory levels / build rate, and Asian manufacturing facility.”
CHPT stock is up 6.3% as of Thursday morning, but the stock was down 12.4% year-to-date when markets closed on Wednesday.
Investors who are seeking out even more of the most recent stock market stories will want to stick around!
We have all of the latest stock market coverage that traders need to know about on Thursday. That includes Qualcomm (NASDAQ:QCOM) stock getting a downgrade, Plug Power (NASDAQ:PLUG) stock rising on a milestone and Infobird (NASDAQ:IFBD) seeking a reverse stock split. You can get all the details about these stories down below!
More Stock Market News for Thursday
- Citi Is Souring on Qualcomm (QCOM) Stock
- PLUG Stock Pops as Plug Power Reaches Major Milestone
- Why Is Infobird (IFBD) Stock Down 31% 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.
