Credit Suisse Says EVgo Stock's Tailwinds Already Priced In

The electric vehicle stock is coming off its best week on record

Deputy Editor
Nov 15, 2021 at 10:11 AM
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The shares of EVgo Inc (NASDAQ:EVGO) are down 8.3% at $17.36 this morning, after several analysts adjusted coverage on the electric vehicle stock. Credit Suisse downgraded the stock to "neutral" from "outperform," and lifted its price target to $17 from $11. The analyst noted that the security's recent surge has already "priced in the benefits of the infrastructure bill," as well as its newly formed partnerships with General Motors (GM) and Uber (UBER). Cowen, meanwhile, lifted its price target to $22 from $13. 

EVGO is taking a step back from last week's surge to the $19.50 level, and its nine-month highs. The security rose a whopping 89.4% last week, marking its biggest weekly jump on record. Year-to-date, EVgo stock is up roughly 60%. 

The stock received bullish attention last week, following its Wednesday earnings report, updates on its aforementioned deals with Uber and General Motors, and the passage of the infrastructure bill. Coming into today, three of the five analysts in coverage called the stock a "strong buy," while the remaining two said "hold." Meanwhile, the 12-month consensus price target of $18.33 is a 4.4% premium to current levels. 

Short sellers are still in control, with short interest rising to an all-time high during the last reporting period. The 9,189,314 shares sold short make up 13.3% of the stock's available float, or a little over three days of trading, at the equity's average daily pace.  

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