ChargePoint downgraded to Neutral from Buy at B. Riley

B. Riley downgraded ChargePoint to Neutral from Buy with a price target of $2.50, down from $5, post the Q3 report. The company did not provide guidance for Q4 given the challenges around near-term visibility from both commercial customers, who appear to be taking a step back from discretionary spending, and fleet customers, who are impacted by delays in vehicle deliveries, the analyst tells investors in a research note. The firm does not see enough near-term catalysts to stay Buy-rated on the stock as it believes it will take a few quarters before visibility on growth returns and the new management team can build credibility in its plans and execution of spending reduction.