![]() ![]() Recent data indicates that sales will likely increase by an additional 35% this year. Demand for electric vehicles is only growing. CHPT a best-in-class way to play EV charging theme.” “The reason for our upgrade is simple - CHPT has proof of execution, line of sight to profitability and with its story largely unchanged since the PIPE offering, valuation is compelling against shares making all-time lows. Why does Vrabel’s team see CHPT stock as having so much upside potential? In a note to clients, the analyst issued the following statement: InvestorPlace’s William White reports that it is experiencing heavy trading volume as enthusiasm from investors continues to mount. As of this writing, it is up more than 12% for the day, and if its current trajectory is any indication, it is likely to keep rising steadily. It began today by surging as markets opened and it hasn’t lost any momentum. Let’s take a closer look at why Vrabel and other experts are highly bullish on it.Īfter a week of minimal gains, CHPT stock has pulled back into the green following Vrabel’s bullish take. However, the analyst makes a strong case for it as a winner among stocks to buy for the EV revolution.ĭoes this mean that ChargePoint has finally turned the corner after its difficult year? It’s quite likely, given the company’s strong fundamentals and position in a booming market. This may strike some as overly optimistic, given ChargePoint’s record of volatility. In fact, his new price target of $14 implies 65% upside from Friday’s close. And while it hasn’t generated the best returns for investors in the short term, one Wall Street analyst is highly bullish on its long-term growth prospects.Īccording to Bank of America’s Alex Vrabel, CHPT stock has enough upside to more than double in price. The company is a leader in the field of electric vehicle (EV) charging. InvestorPlace - Stock Market News, Stock Advice & Trading TipsĪfter a volatile month, ChargePoint Holdings (NYSE: CHPT) may be on the verge of turning around.
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