Gogoro just upgraded at JPMorgan, here’s why

JPMorgan upgraded Gogoro to Neutral from Underweight with a $2.20 price target. The shares are down 34% in the past year and disappointment on the company’s “lukewarm” China expansion has likely been largely priced in, the analyst tells investors in a research note. The firm also cites no further fiscal 2024 revenue guidance cut from management and margin improvement in Q3 for the upgrade. However, JPMorgan does not see a catalyst for the stock in the near term, due to “muted” electric two-wheeler sales in Taiwan amid a weak macro environment.