JPMorgan upgraded EVGO to "overweight"
EVgo Inc (NASDAQ:EVGO) stock is 33.8% higher premarket, looking to open at $5.26 after a bull note from J.P. Morgan Securities. The firm upgraded the electric vehicle (EV) charging name to "overweight" from "natural," noting the company's fast-charging owner-operator model is scaling well with more utilization. In addition, the U.S. will grant EVgo a conditional loan guarantee of up to $1.05 billion to expand its public EV charging infrastructure.
Coming into today, six of 13 covering brokerages rated EVgo stock a "hold," leaving plenty of room for analysts to issue more rating adjustments to the upside. A short squeeze could come into play as well. Short interest dropped 5.8% in the last two reporting periods, but the 25.94 million shares sold short still make up 24.5% of the equity's available float.
On the charts, the equity just pulled back to a familiar area of support at the $3.80 level. Today's bounce has shares on track to break above a ceiling at $4.80 and extend their 19.1% year-to-date lead.