EVgo upgraded to Buy from Neutral at UBS

UBS upgraded EVgo to Buy from Neutral with a price target of $8.50, up from $4. The $1.05B Department of Energy loan announced last week provides increased visibility to EVgo funding new stall deployments beyond 2025, at a potentially accelerated pace relative to current run-rate expectations, the analyst tells investors in a research note. In addition, since UBS’s July initiation, odds of a Republican sweep in November have decreased, further “derisking” the the company’s outlook, contends the firm. It sees upcoming catalysts for the stock from announcement of financial close on the DOE loan, updated financial guidance including an increased growth outlook, and reaching adjusted EBITDA breakeven in the second half of 2025.