Allego price target lowered to $8 from $9 at Citi

Citi analyst Itay Michaeli lowered the firm’s price target on Allego (ALLG) to $8 from $9 and keeps a Buy rating on the shares after updating its model following the company’s report of results and the firm’s management meeting. Amid the recent pullback in EV charging stocks, the firm remains selective with continued preference for Europe exposure via Allego and though it doesn’t think recent U.S. NACS developments with GM (GM) Ford (F) and Tesla (TSLA) “dramatically change” the long-term fundamental picture for EVgo (EVGO) and ChargePoint (CHPT), the firm would like to have more conviction on go-forward revenue growth to become more bullish on U.S. exposure given the potential for this to remain a near-term overhang, the analyst tells investors.