Keep an eye on EV charging station stocks, like ChargePoint (CHPT).
Governments around the world are racing to build out EV charging infrastructure. In the United States, the Biden Administration aims to have 500,000 EV chargers across the country by 2030. To that end, the Infrastructure Investment and Jobs Act, enacted in November 2021, earmarked $7.5 billion to accomplish this goal.
Helping, Stifel analyst Stephen Gengaro says CHPT is a stock that investors should seriously consider, saying it’s his “favorite EV charging name.”
Also, with a buy rating and a $17 price target, he added, “We reiterate our belief that CHPT is well positioned to capitalize on the expected robust growth in EV sales and charger demand over the next several years. We expect the company to deliver solid revenue growth in 2023-25, and appears on target to deliver positive FCF by the end of calendar 2024.”