Shares of ChargePoint Holdings Inc. charged up 12.7% in afternoon trading, after B. Riley analyst Christopher Souther initiated the electric vehicle charging network provider with a buy rating, given the company’s “dominant” market share and established brand. Souther set a $20 stock price target, which implies more than 40% upside from current levels. “ChargePoint has more than 70% market share in networked Level 2 charging in North American and ~5,000 commercial and fleet customers globally,” Souther wrote in a note to clients. Of the other EV charging companies Souther started covering, shares of Blink Charging Co. shot up 11.6% after it was started at neutral, Beam Global ran up 11.5% after it was started at buy and Tritium DCFC Ltd. bounced 5.2% off the previous session’s record low after it was started at buy. Souther said Beam is well suited to carve out a needed niche in EV charging infrastructure and Tritium will likely “meaningfully penetrate” the fast-charging market. Souther is skeptical of Blink’s ownership model but has been encouraged by the recent uptick in hardware sales. The stocks’ rallies comes as the S&P 500 gained 0.9%.
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