BofA analyst Alex Vrabel downgraded ChargePoint to Neutral from Buy with a price target of $2.50, down from $11.50, after the company announced a management transition and guidance cut. Former CEO Pasquale Romano has been replaced by prior Rick Wilmer. CFO Rex Jackson has left the company and will be replaced by Mansi Khetani as an interim CFO who previously served as SVP of FP&A. In parallel, ChargePoint reduced its revenue outlook for Q3 to $108M-$112M from $150M-$165M and expects to take a non-cash impairment charge of $42M, BofA pointed out in a research note on Friday.
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