Stifel analyst Stephen Gengaro downgraded ChargePoint to Hold from Buy with a price target of $3, down from $10, after the company cut its Q3 guidance and announced management changes. The firm said its model changes reflect slower near-term growth rates and lower gross margins, and its revised 10-year DCF supports the revised target price. Despite the weakness in the shares during the session, Stifel is now taking a “prove-it-to-me” approach the story.
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