EVgo upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded EVgo to Outperform from Sector Perform with a price target of $4, down from $5. The analyst believes sluggish electric vehicle demand and the high interest rate environment are keeping smaller competitors sidelined, presenting EVgo with an opportunity to “further establish a competitive moat, continue to pursue disciplined investment opportunities, and grow revenues as utilization and charging rates move higher.” In this environment, EVgo should outperform its non network owner and operator peers, the analyst tells investors in a research note.