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Investing.com - Stifel maintained its Buy rating and $8.00 price target on EVgo, Inc. (NASDAQ:EVGO) on Wednesday. The stock, currently trading at $3.88, has shown strong momentum with a 7.74% gain over the past week. According to InvestingPro data, EVgo has demonstrated impressive revenue growth of 49% in the last twelve months.
The research firm noted that EVgo continues to execute its business plan despite headwinds facing EV charging companies and negative data points around electric vehicle sales.
Stifel specifically referenced the expected cessation of the $7,500 EV credit as one of the challenges in the sector.
Despite these industry challenges, Stifel indicated that EVgo remains on track to achieve positive EBITDA in the fourth quarter of 2025.
The firm believes EVgo has secured sufficient funding and is well positioned for multi-year growth in the electric vehicle charging market.
In other recent news, EVgo Inc. reported its second-quarter 2025 earnings, showcasing a significant revenue increase. The company achieved a revenue of $98 million, which represents a 47% rise year-over-year and exceeded analysts’ projections of $85.7 million by 14.39%. Additionally, EVgo’s earnings per share (EPS) were slightly better than anticipated, with an actual EPS of -$0.10 compared to the forecasted -$0.11. Cantor Fitzgerald has reiterated its Overweight rating on EVgo, maintaining a $7.00 price target. The firm highlighted EVgo’s growing utilization rate of approximately 22% in the second quarter of 2025, which it believes surpasses the industry average for public direct current fast chargers in North America. This utilization rate is seen as a validation of the company’s charging stall usage and reliability. These developments reflect a positive outlook for EVgo, according to Cantor Fitzgerald.
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