Cantor upgrades EVgo to Overweight on valuation after selloff

Cantor Fitzgerald upgraded EVgo to Overweight from Neutral with a price target of $4, down from $5. The firm does not model EVgo eXtend revenues past 2027, though says this could change if the company announces an additional program. With the stock down 51% year-to-date, the analyst upgraded the shares primarily on valuation. EVgo reported another revenue beat in Q1 and reaffirmed its fiscal 2024 revenue guidance and target to achieve breakeven adjusted EBITDA in 2025, which is encouraging, the analyst tells investors in a research note.