JPMorgan double downgraded ChargePoint to Underweight from Overweight without a price target The firm expects ChargePoint will continue underperforming charging peers due to its dependence on a rebound in electric vehicle adoption. Commercial customers have slowed discretionary charger purchases and fleet customers remain vehicle-constrained, the analyst tells investors in a research note. JPMorgan believes investor sentiment remains negative given concerns around ChargePoint’s ability to demonstrate a sustainable profitability model that is not reliant only on cost savings from offshoring manufacturing to Asia. It notes ChargePoint’s 2024 profitability target has already been delayed due to lack of visibility.
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