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Investing.com - Barclays (LON:BARC) has lowered its price target on Blink Charging Co. (NASDAQ:BLNK) stock to $1.00 from $1.50 while maintaining an Equalweight rating, citing an increasingly challenging environment for electric vehicle charger sales. The stock, currently trading at $1.13, has seen a 64% decline over the past year, though it has shown some resilience with a 19% gain in the past week.
The firm has reduced its revenue projections across multiple years, with fiscal year 2025 sales now estimated at $95 million, slightly below the consensus estimate of $98 million. Barclays also cut its FY2026 revenue forecast to $126 million from $208 million previously, and lowered its FY2027 projection to $197 million from $273 million. Recent data from InvestingPro shows the company’s revenue declined by 30% in the last twelve months to $109.4 million, with analysts anticipating further sales decline this year.
Gross margin estimates were trimmed across the board, with FY2025 now expected at 35% (down from 36%), FY2026 at 38% (from 40%), and FY2027 at 40% (from 41%). These reductions reflect the broader challenges facing the EV charging infrastructure market. InvestingPro analysis reveals 14 additional key insights about Blink Charging’s financial health and market position, available to subscribers.
As a result of the lowered revenue outlook, Barclays no longer expects Blink Charging to achieve EBITDA profitability through fiscal year 2027. The firm had previously projected the company would reach this milestone in FY2026.
The new $1 price target is based on an unchanged 0.5x enterprise value to sales multiple applied to Barclays’ revised 2026 sales estimate of $126 million, down significantly from the previous estimate of $208 million for the same period.
In other recent news, Blink Charging Co. has announced several strategic developments impacting its operations and growth. The company is expanding its electric vehicle infrastructure in Belgium through a collaboration with Group Bernaerts, aiming to double the number of charging stations in Antwerp and Mechelen by the end of 2025. This expansion addresses previous challenges with independent installations by tenants and includes both underground and above-ground chargers. In the United States, Blink Charging is set to install its Level 2 chargers at two Accesso properties in South Florida, supporting Accesso’s sustainability initiatives and serving a growing number of EV drivers.
Blink Charging has also agreed to acquire Zemetric, a company specializing in fleet charging solutions, with the transaction expected to close by July 2025. Zemetric’s leadership team will join Blink, enhancing its capabilities in high-utilization EV charging and intelligent energy management. Additionally, Blink has been identified as a recommended replacement provider for customers affected by Everon’s exit from the EV charging market. The company plans to offer services such as infrastructure evaluation and maintenance to ease the transition for Everon’s former clients.
These developments reflect Blink’s efforts to strengthen its position in the EV charging industry across various regions and market segments.
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