ChargePoint price target lowered to $8 from $9 at Needham

Needham analyst Chris Pierce lowered the firm’s price target on ChargePoint to $8 from $9 but keeps a Buy rating on the shares. The reduced price target reflects the elevated near term uncertainty and poor investor sentiment, the analyst tells investors in a research note. The firm adds however that over the longer term, it is bullish on EV adoption and EV Charger growth, with ChargePoint seen as a direct beneficiary as the industry leader in Level 2 AC charging equipment and given teh company’s “achievable consensus estimates” when looking at industry growth expectations, particularly for Level 2 chargers.