ChargePoint Inc. (NYSE:CHPT) shares are moving higher Tuesday after BofA Securities upgraded the stock to Buy.
What To Know: BofA analyst Alex Vrabel upgraded ChargePoint from Neutral to Buy and lowered the price target from $15.50 to $14.
The analyst noted that ChargePoint has exhibited proof of execution, improved its line of sight to profitability and shown consistency since its PIPE offering.
Vrabel also highlighted the scale and diversity of the company as a key to sustainable growth.
ChargePoint is the leading provider of networked EV chargers in the U.S. with approximately 70% market share. The BofA analyst expects ChargePoint to hold its market share and growth which should continue to drive strong sales.
Vrabel also believes ChargePoint stands to benefit from a potential spillover of Tesla's already crowded SuperCharger network.
"Anchor positions in both the US and European EV charging market offer an elegant but unconcentrated way to play electrification trends," the analyst said.
Related Link: ChargePoint's Path To Profitability Recognized By Analyst, Upgrades Stock To Buy
CHPT Price Action: Shares of CHPT were up 14.3% at $9.71 at the time of publication, according to Benzinga Pro.
Photo: courtesy of ChargePoint.