RBC Capital analyst Chris Dendrinos lowered the firm’s price target on ChargePoint to $2.50 from $3 and keeps a Sector Perform rating on the shares. The company’s EBITDA missed expectations on lower revenue, while the management’s revenue guide was below prior estimates on continued demand weakness and some conservatism due to internal personnel changes, the analyst tells investors in a research note. RBC adds however that the opportunity set for ChargePoint is expanding as fleet deals have been delayed, not canceled, due to permit delays, construction and equipment delivery delays.
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