ChargePoint price target lowered to $3 from $4 at Needham

Needham lowered the firm’s price target on ChargePoint to $3 from $4 and keeps a Buy rating on the shares after its weaker than expected Q4 results. Weak industry demand for charging hardware continues to be the headline, with ChargePoint citing negative EV adoption sentiment as a “stiff headwind”, the analyst tells investors in a research note. The management has also cited North American customers moving to a multiple hardware provider sourcing model, similar to what has happened in Europe, as ChargePoint’s dominant Level 2 market share foundation “shows cracks”, the firm added.