UBS initiated coverage of EVgo with a Neutral rating and $4 price target. The company is a top three U.S. direct current fast charging network provider set to benefit from the ongoing electrification of transportation trend by consumers and commercial fleets, the analyst tells investors in a research note. However, the firm sees the company’s positive attributes balanced by several near- and medium-term risks, which drives its more cautious view on the shares. UBS prefers to wait for a better entry point.
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