Why EV Charging Stock EVgo Is Crashing Today
Shares of EVgo (NASDAQ: EVGO) crashed on Monday, slumping by 14.3% as of 12:45 p.m. EST. Today's drop brings the electric vehicle (EV) charging stock's seemingly unstoppable ride from last week to a grinding halt. An analyst downgrade is to blame.
This morning, Credit Suisse analyst Maheep Mandloi downgraded his rating on EVgo to neutral from outperform, citing the stock's recent rally that already appears to have baked in the potential benefits of EVgo's recent partnerships and the infrastructure bill. Mandloi also sees EVgo facing competition from new entrants despite its first-mover advantage.
He still raised his price target on the stock to $17 a share from $11, but with EVgo shares closing Friday at $18.90, the stock has now tumbled below $17 as of this writing.
Source Fool.com
