ChargePoint (NYSE: CHPT) shares have been pummeled over the last year. The stock price of this electric vehicle (EV) charging network and equipment company plunged more than 80% in the last 12 months.

However, one analyst thinks the stock is now set up to be a big winner for investors. Benchmark analyst Michael Legg just initiated coverage on ChargePoint with a buy rating and share price target of $4.25. That would represent a more than 100% gain in the stock from Tuesday's closing price of $2.06 per share.

ChargePoint is one of many stocks in the EV sector that has been punished in recent months. But it is also one that could help to turn around the lagging demand many EV makers are experiencing. That's because charging logistics remains one of the biggest concerns for consumers who are considering converting to a fully electric car.

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Source Fool.com