George Gianarikas, an analyst from Canaccord Genuity, maintained the Buy rating on Wallbox (WBX – Research Report). The associated price target was lowered to $0.75.
George Gianarikas has given his Buy rating due to a combination of factors that highlight Wallbox’s improving fundamentals and strategic positioning. The company has shown a second consecutive quarter of revenue growth, albeit modest, alongside significant improvements in gross margins and reduced EBITDA losses. This positive momentum, particularly in North America with strong sales of AC and DC fast chargers, suggests a potential bottoming out after several quarters of decline.
Furthermore, Wallbox’s management has been proactive in cost-cutting measures and has taken steps to strengthen the balance sheet, including a recent capital raise and debt restructuring. These efforts are aimed at achieving positive EBITDA by 2025, even as the EV market experiences slower growth. Despite a reduction in the price target due to a subdued EV environment, Gianarikas believes Wallbox is well-positioned to benefit from a recovery in EV demand, supported by strategic partnerships and advancements in charging technology, which are crucial for addressing range anxiety and accelerating EV adoption.
WBX’s price has also changed dramatically for the past six months – from $0.960 to $0.376, which is a -60.83% drop .