EVgo downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Bill Peterson downgraded EVgo to Neutral from Overweight with a price target of $6, down from $10. The company’s network throughput growth will likely be dampened as a result of slower site growth, which is due to a variety of reasons, the analyst tells investors in a research note. The firm says EVgo continues to be impacted by permitting delays and other delays in "make-ready" and site improvements, including due to transformer shortages. In addition, as result of higher inflation and input costs, it thinks the company’s capital intensity will be higher than previously expected. Overall, JPMorgan views EVgo’s risk/reward is relatively balanced at current share levels.