Blink Charging to benefit from disconnect in EV penetration, says Needham

As previously reported, Needham analyst Chris Pierce upgraded Blink Charging (BLNK) to Buy from Hold with a $7 price target. Electric vehicle supply equipment, or EVSE, stocks have languished as EV adoption sentiment has worsened and Tesla’s (TSLA) charging shadow has grown, but Blink Charging should benefit from a multi-year disconnect in EV penetration and EVSE growth creating a tailwind for charger growth, the analyst tells investors in a research note. The company’s revamped leadership team has shown improved execution and crisper investor communication, Needham states, adding that the benefits from low expectations should “offset telegraphed dilution”.