ChargePoint price target lowered to $5 from $9 at RBC Capital

RBC Capital lowered the firm’s price target on ChargePoint to $5 from $9 but keeps an Outperform rating on the shares after its Q3 revenue guidance cut. The demand environment has deteriorated quickly and is weighing on the company’s outlook, but while the new management has multiple levers to pull in response to a more challenging environment, it will need to take a proactive approach if longer-term targets are going to be met, the analyst tells investors in a research note. RBC adds that its price target cut reflects slower growth and multiple compression for ChargePoint.