Evercore ISI lowered the firm’s price target on EVgo to $7 from $8 and keeps an Outperform rating on the shares. EVgo’s network throughput reached a new quarterly record at 53 GWh, up 194% year-over-year, while utilization averaged 19% in the first quarter, notes the analyst, who contends that the “value proposition remains compelling, especially given that the stock is trading below $2.”
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