R.F. Lafferty downgraded ChargePoint to Hold from Buy with a price target of $4, down from $17, after the company announced preliminary Q3 results, immediately appointed Rick Wilmer as its President and CEO, replacing Pasquale Romano, and reported that CFO Rex Jackson has left the company. The firm is cutting its FY24 revenue estimate to $489M from a prior estimate of $617M due to lower guidance, the weak macro outlook and increased competition from other EV charging companies.
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