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Investing.com - UBS raised its price target on EVgo, Inc. (NASDAQ:EVGO) to $5.40 from $5.00 on Wednesday, while maintaining a Buy rating on the electric vehicle charging network operator. According to InvestingPro data, EVgo has demonstrated strong revenue growth of 49% over the last twelve months, reaching $308.37 million, though the company remains unprofitable with an EBITDA of -$58.04 million.
The price target increase reflects UBS’s revised revenue estimates for EVgo over the next three years. The firm now projects revenues of $359 million in 2025, $442 million in 2026, and $537 million in 2027, up from previous estimates of $340 million, $436 million, and $521 million, respectively.
UBS indicated that these revenue revisions have led to corresponding adjustments in its forecasts for EVgo’s adjusted EBITDA and adjusted earnings per share, though specific figures were not provided.
The firm maintained its Buy rating on EVgo, identifying it as its preferred investment in the electric vehicle charging sector due to potential upcoming catalysts.
Among these catalysts, UBS highlighted the expectation that EVgo will achieve its first positive adjusted EBITDA in the fourth quarter of 2025.
In other recent news, EVgo Inc. reported its second-quarter 2025 earnings, showcasing impressive revenue figures that exceeded expectations. The company achieved a revenue of $98 million, marking a 47% year-over-year increase and surpassing the projected $85.7 million by 14.39%. Additionally, the earnings per share (EPS) came in at -$0.10, slightly better than the forecasted -$0.11. This positive earnings report has caught the attention of analysts and investors alike. Stifel reiterated its Buy rating on EVgo, maintaining a price target of $8. Cantor Fitzgerald also reaffirmed its Overweight rating with a $7 price target, highlighting EVgo’s growing utilization rate of approximately 22% in the second quarter of 2025. This rate is noted to be above the industry average for public direct current fast chargers in North America. These developments indicate continued confidence in EVgo’s business strategy amid challenges in the electric vehicle sector.
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