ChargePoint price target lowered to $13 from $16 at Piper Sandler

Piper Sandler analyst Kashy Harrison lowered the firm’s price target on ChargePoint to $13 from $16 and keeps a Neutral rating on the shares. Due to the passage of the Inflation Reduction Act into law and the global energy crisis spurred by Russia’s invasion of Ukraine, the pace of renewable development is poised to materially accelerate over the coming decade, Harrison tells investors in a research note. The analyst recommends investors gain exposure to the IRA via onshoring manufacturing credits and to play the U.S. utility-scale solar recovery thesis "given relative end-market resiliency within an uncertain broader macroeconomic environment."