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ChargePoint stock rallies 11% after BofA says EV charging company is 'best in class'

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ChargePoint Holdings Inc., the provider of electric-vehicle charging stations, is "a best-in-class way to play" the EV charging space, BofA...

Shares of ChargePoint Holdings Inc. jumped more than 11% on Tuesday, on track for an eight-week high, after BofA analysts raised their rating on the shares to buy, saying that the provider of electric-vehicle chargers is “a best-in-class way to play” the EV charging space.

The... Shares of ChargePoint Holdings Inc. jumped more than 11% on Tuesday, on track for an eight-week high, after BofA analysts raised their rating on the shares to buy, saying that the provider of electric-vehicle chargers is “a best-in-class way to play” the EV charging space. The BofA analysts, led by Alex Vrabel, highlighted the EV charging company’s “anchor” positions in both the U.S. and European EV charging market, saying they “offer an elegant but unconcentrated way to play electrification trends, beyond the route to profitability.”Focusing on cash burn and ChargePoint’s route to profitability, they supported the company’s assertions that a “cash inflection” was on track for the end of next year.

 

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