TD Cowen downgraded EVgo to Market Perform from Outperform with a price target of $4, down from $6. The analyst cites slower than expected DC fast charging installations, a softer commercial fleet throughput outlook as businesses rethink their capital projects, capital requirements, and intensified competition from Tesla for the downgrade. EVgo added only 13 ports in Q3 versus the firm’s modeled 212 ports added, according to its tracker. TD sees a challenging near-term setup given the significant capital needs for the company’s continued network expansion.
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