- Needham analyst Vikram Bagri maintained a Buy rating on the shares of ChargePoint Holdings Inc 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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