Benchmark analyst Michael Legg initiated coverage on the shares of EVgo Inc (NASDAQ:EVGO) with a Buy rating and announced a price target of $3.
EVgo is an electric vehicle (EV) charging site operator focused on fast chargers for high traffic, high-density locations.
It owns and operates 3,240 stalls in 35 states strategically positioned to leverage its charging base as the EV industry matures.
The analyst expects continued financial progress through 2024, with 2025 expected to be a breakout year as the company achieves positive EBITDA by year-end.
The analyst has modeled the company adding 800 stalls per year. Cash at the end of 1Q24 totaled $175 million, which is sufficient in the analyst's view to fund the business to 2H25.
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Any additional government funding would provide an additional financial cushion for EVgo to reach profitability, added the analyst.
Based on industry estimates, the EV market opportunity suggests a 30% CAGR for DC charging ports through 2030, said the analyst.
In the analyst's view, EVgo is focused on a high potential market segment, enabling public fast charging in under penetrated urban and suburban locations such as airports, hotels, restaurants, schools, supermarkets, and office buildings.
EVgo's strong market position is demonstrated by its 11 OEM and brand partnerships that include General Motors Company (NYSE:GM), Nissan Motor Co Ltd (OTC:NSANY), Toyota Motor Corp (NYSE:TM), and the Pilot Flying J Company.
The analyst believes the partnerships to be a recognition of the market position of EVgo's network and growth opportunities.
The analyst noted that EVgo's owned and operated model could prove to be a long-term recurring cash machine.
According to the analyst, the $3 price target, which is a premium to the median valuation of both the overall EV sector and the charging segment, is justified by EVgo's strategic position in DC fast charging and emerging market leadership.
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Price Action: EVGO shares are trading higher by 6.19% at $2.06 at the last check Wednesday.
Photo via Wikimedia Commons
基準分析師邁克爾·萊格開始對EVGO Inc（納斯達克股票代碼：EVGO）的股票進行報道，評級爲買入，並宣佈目標股價爲3美元。
EVgo是一家電動汽車（EV）充電站點運營商，專注於爲高流量、高密度地點提供快速充電器。
隨着電動汽車行業的成熟，它在35個州擁有並經營3,240個攤位，其戰略定位是利用其充電基礎。
該分析師預計，到2024年，財務狀況將持續增長，預計2025年將是突破性的一年，因爲該公司到年底實現了正的息稅折舊攤銷前利潤。
分析師對該公司每年增加800個攤位進行了建模。截至24年第一季度末，現金總額爲1.75億美元，在分析師看來，這足以爲該業務提供到25年下半年的資金。
另見：埃隆·馬斯克透露特斯拉如何分配100億美元的人工智能預算：英偉達將獲得數十億美元，但內部努力佔據了中心位置
分析師補充說，任何額外的政府資金都將爲EVGO的盈利提供額外的財務緩衝。
分析師表示，根據行業估計，電動汽車市場的機會表明，到2030年，直流充電端口的複合年增長率爲30％。
分析師認爲，EVgo專注於高潛力的細分市場，支持在滲透不足的城市和郊區（例如機場、酒店、餐館、學校、超市和辦公樓）進行公共快速充電。
EVgo強大的市場地位體現在其11家OEM和品牌合作伙伴關係中，其中包括通用汽車公司（紐約證券交易所代碼：GM）、日產汽車有限公司（場外交易代碼：NSANY）、豐田汽車公司（紐約證券交易所代碼：TM）和Pilot Flying J公司。
分析師認爲，合作伙伴關係是對EVGO網絡市場地位和增長機會的認可。
分析師指出，EVGo的自有和運營模式可能被證明是一臺長期的經常性自動提款機。
根據分析師的說法，EVGO在直流快速充電領域的戰略地位和新興市場的領導地位證明了3美元的目標股價，這高於整個電動汽車行業和充電板塊的中位估值。
相關閱讀：儘管馬斯克裁員，通用汽車仍堅持春季進入特斯拉增壓器的時間表，Polestar將其推遲到夏季
價格走勢：在週三的最後一次支票中，EVGO股價上漲6.19％，至2.06美元。
照片來自維基共享資源
