RBC Capital analyst Chris Dendrinos downgraded ChargePoint to Sector Perform from Outperform with a price target of $3, down from $3.50. While the company’s fiscal Q2 results slightly beat expectations, the Q1 guidance shows continued revenue pressure as a result of sluggish macro demand, the analyst tells investors in a research note. The firm believes moving to the sidelines “is prudent” pending signs of sustainable electric vehicle charger demand. RBC says the challenging macro backdrop is impacting ChargePoint’s financial performance.
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