EVgo stock rating reiterated at Overweight by Cantor Fitzgerald

Investing.com - Cantor Fitzgerald has reiterated its Overweight rating and $7 price target on EVgo, Inc. (NASDAQ:EVGO), the electric vehicle charging network operator. The stock, currently trading at $4.11, has shown strong momentum with a 71% surge over the past six months, though InvestingPro analysis indicates the stock is currently fairly valued.

The firm’s decision follows a recent announcement that EVgo’s joint electric vehicle fast-charging network with Pilot Company (TYO:7846) and General Motors (NYSE:GM) now includes more than 200 Pilot and Flying J locations across approximately 40 states.

The collaboration has deployed around 850 public fast-charging stalls since 2022, targeting charging gaps along key interstate travel corridors that account for over 20% of U.S. traffic, while also expanding into rural areas with historically limited charger access.

These charging stations feature 350kW chargers and are available 24 hours a day, seven days a week, according to the announcement made on August 9.

Management has reaffirmed that the collaboration remains on track toward its goal of deploying up to 2,000 fast chargers at 500 locations, with 1,000 stalls expected across 40 states by the end of 2025. For deeper insights into EVgo’s financial health, growth prospects, and 8 additional key investment tips, visit InvestingPro, where you’ll find comprehensive analysis and expert research reports.

In other recent news, EVgo Inc. reported its second-quarter 2025 earnings, revealing a revenue of $98 million, which exceeded expectations by 14.39% and marked a 47% increase year-over-year. The company’s earnings per share (EPS) also slightly outperformed predictions, coming in at -$0.10 compared to the anticipated -$0.11. UBS has adjusted its revenue outlook for EVgo, raising its price target from $5.00 to $5.40, based on revised revenue projections for the coming years. These projections now estimate revenues of $359 million in 2025, $442 million in 2026, and $537 million in 2027. Meanwhile, Stifel has reiterated its Buy rating for EVgo, maintaining a price target of $8.00, and noted the company’s continued execution of its business plan despite industry challenges. Cantor Fitzgerald also maintained its Overweight rating and a $7.00 price target, highlighting EVgo’s growing utilization rate, which surpasses the industry average. These developments indicate sustained confidence from analysts in EVgo’s business strategy and market positioning.

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