ChargePoint downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded ChargePoint to Sell from Neutral with a price target of $1.50, down from $2. The analyst believes slower growth in the number of electric vehicles on the road in the U.S. and rising competition in EV charging will lead to less growth for ChargePoint than what is in Street estimates. With about 80% of its revenue tied to North America, ChargePoint will be impacted by slower U.S. EV sales, the analyst tells investors in a research note. Meanwhile, competition is increasing, including from Tesla, which could limit demand for networks using ChargePoint, says Goldman.