From Ian Cooper
EV charging stocks could race higher.
All after President Biden announced $900 million in funding for an EV charging network across 53,000 miles of highway across 35 states. “You all are going to be part of a network of 500,000 charging stations — 500,000 — across the country, installed by the IBEW,” Biden said, referring to the International Brotherhood of Electrical Workers labor union, as noted by CNBC.
Better, according to Fortune Business Insights, “Governments worldwide are contributing towards setting up the charging stations. For instance, the Chinese government has approved the development of fast-charging stations by national policies. Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations.”
That’s great news for stocks such as ChargePoint Holdings (CHPT).
CHPT has been just as hot, running from about $11 to $18.18. From here, we’d like to see CHPT challenge $21 a share next.
Helping, JP Morgan analyst Bill Peterson recently reiterated an Overweight rating on ChargePoint with an $18 price target. ChargePoint has an “attractive and comprehensive strategy built for the long term” with a recurring revenue model that will continue bearing fruit as electric vehicle adoption reaches a tipping point and achieves mass market penetration across passenger and commercial segments, Peterson said, as noted by TheFly.com.