As previously reported, Benchmark initiated coverage of ChargePoint with a Buy rating and $4.25 price target. ChargePoint’s “land-and-expand approach” of selling EV charging hardware that is further connected via Cloud Services subscriptions has helped it build “an industry leading charging network” that is positioned to capitalize on market growth as the industry matures, the analyst tells investors. Recent capital flows into North American electrification “provide confidence in market growth,” the analyst added.
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