Read What Needham Thinks About Blink Charging's SemaConnect Deal - Blink Charging (NASDAQ:BLNK)

Needham analyst Vikram Bagri raised the price target for Blink Charging Co BLNK to $27 (an upside of 78%) from $25 while maintaining the Buy rating on the shares after the company acquired SemaConnect.
The analyst sees eligibility for NEVI funding from newfound eligibility under the Buy America requirement as the biggest near-term deal benefits, as does management.
Related: Blink Charging Expands Footprint Via This $200M Acquisition - What's The Benefit
According to the analyst, the transaction comes with a list of benefits, including manufacturing capacity, an expanded client and customer base, more developed DCFC tech, talented employee pool, and potential upsell opportunities to existing customers. This will help strengthen BLNK's relative competitive position.
Bagri believes that SemaConnect's best-in-class margins combined with the potential for BLNK to cut its level 2 hardware COGS by ~30% should allow the company to reach the mid-30s gross margin sooner.
Price Action: BLNK shares are trading higher by 1.03% at $15.18 on the last check Wednesday.