Blink Charging price target lowered to $6 from $7 at Needham

Needham lowered the firm’s price target on Blink Charging (BLNK) to $6 from $7 and keeps a Buy rating on the shares. The company’s Q1 results topped consensus estimates, but its management also noted a slowdown in bookings in April, before a recent “spasm of inquiries” following Tesla’s (TSLA) decision to de-emphasize Supercharger growth, the analyst tells investors in a research note. Blink is the best-positioned company in its EV charging coverage to achieve self-funding, the firm added, also noting the management’s conservative full year gross margin guidance.