UBS Raises Price Target for ChargePoint Following Strong Q2 Results
ChargePoint (NYSE:CHPT) reported better-than-expected second-quarter results, leading UBS to raise its price target from $8 to $9 while maintaining a 'neutral' rating. The company's revenue reached $116 million in the quarter, surpassing both consensus and analyst estimates by 10% year-over-year growth. ChargePoint also improved non-GAAP gross margin significantly due partly to tariff refunds. UBS revised its sales forecasts for fiscal years 2027 through 2029 upward based on these results. The firm noted a narrower-than-expected adjusted EBITDA loss of $5 million, compared with estimates ranging from $13 million to $16 million. ChargePoint provided third-quarter revenue guidance between $105 million and $115 million. Despite the positive performance, UBS cited balance sheet constraints and uncertainty around demand for EV charging infrastructure as reasons for its neutral stance. The bank adjusted its valuation multiple upward in line with industry peers.
Tickers: $CHPT
Topics: analyst upgrade ChargePoint price target raise Q2 results UBS