Here's Why Needham Remains Bullish On ChargePoint

Needham analyst Vikram Bagri maintained a Buy rating on the shares of ChargePoint Holdings Inc (NYSE:CHPT) with a price target of $24.00.
ChargePoint's Q2 revenue exceeded Street estimates. The company's bottom-line was impacted due to higher costs associated with supply chain and logistics.
The company maintained gross margin guidance of 22-26%, implying substantial gross margin expansion for the balance of the year.
Bagri thinks the momentum in return-to-work policies should drive recovery in the commercial segment.
Reaffirmation of FY23 guidance, the analyst said, is further evidence of the company's product leadership, strong management, solid demand, and its tie with EV growth.
Bagri concluded by saying ChargePoint, unlike its peers, is well positioned to achieve its long-term revenue targets.
Price Action: CHPT shares are trading higher by 15.25% at $16.70 on the last check Wednesday.
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