Needham more positive on ChargePoint after management meeting

Needham analyst Chris Pierce keeps a Buy rating and $3.00 price target on ChargePoint but notes that the firm is incrementally more positive on the stock after hosting a non-deal roadshow with its management. Consistent enthusiasm for gross margin accretion in the second half of the year and operating expense leverage was Needham’s biggest positive takeaway as it lowers near-term uncertainty in the business, even though the firm remains concerned by the longer term uncertainty around the pace of EV adoption and subsequent EVSE, or electric vehicle supply equipment, growth, the analyst tells investors in a research note.