JPMorgan raised the firm’s price target on EVgo (EVGO) to $8 from $7 and keeps an Overweight rating on the shares as part of a Q3 earnings preview. The firm says the stock reaction could be positive or mixed, depending on management’s tone around the Department of Energy loan and if there are positive revisions to the mid-term guidance. Sentiment has “turned a corner” for electric vehicle owner-operators and “soured for hardware-software providers, given a clearer path to scale up from here,” the analyst tells investors in a research note. JPMorgan calls EVgo its top pick into earnings.
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