Shares of Evgo Inc (NASDAQ: EVGO) edged slightly higher during premarket trading after Citigroup initiated coverage of the stock and set a price target of $10.
The investment bank maintained a neutral rating on the electric vehicle charging and solutions provider.
EvGo shares are down 25.4% amid a broader selloff in electric vehicle-related stocks and companies as investor focus shifted from chasing growth companies to value-oriented companies such as utilities.
The company provides a wide range of services catering to the electric vehicles sector with some of its clients, including automakers, governments and utility companies, businesses, and commercial clients.
Individual drivers and car owners will also find a home with the company driven by a wide array of services targets at EV drivers.
Citigroup’s $10 price target is quite close to its current stock price, and the neutral rating does not inspire confidence in its prospects. Still, the company is well-positioned to profit from the growing adoption of EV cars in the United States.
I’d keep this stock on my watchlist to see if its price can reach the $10 target set by Citigroup, at which point we could see further gains.
*This is not investment advice.
EVgo stock price.
EVgo shares were up 11.91% to trade at $8.92, rallying from Tuesday’s closing price of $7.96.
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