Earlier today, Goldman Sachs revised its outlook on EV infrastructure company ChargePoint Holdings (NYSE:CHPT), pointing to a slowdown in U.S. battery-electric vehicle (BEV) sales and growing competition. The firm was downgraded from Hold to Sell as fewer EVs means less demand for its charging stations, especially since Tesla (NASDAQ:TSLA) opened up its own network to other automakers. As a result, CHPT shares fell by more than 5% at the time of writing.
Tesla is essentially competing directly with the company now, which could limit its growth potential. Additionally, with 80% of CHPT’s sales concentrated in North America, the firm is likely to feel the negative impact of slowed EV adoption. Following this downgrade, Goldman Sachs also lowered its price target for ChargePoint to $1.50 per share, implying almost 15% downside from current levels.
What Is the Target Price for CHPT?
Overall, analysts have a Moderate Buy consensus rating on CHPT stock based on six Buys, six Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After an 81% decline in its share price over the past year, the average CHPT price target of $3.43 per share implies 94.89% upside potential.
