Stifel has initiated coverage of EV fast-charging company, EVgo Inc. (NASDAQ:EVGO) with a Buy rating and a 12-month price target of $9.00. EVgo is a leading EV charging company based in Los Angeles and operates the second largest DC fast charging network after Tesla (NASDAQ:TSLA). Stifel analysts believe that EVgo is well-positioned to capitalize on the expected growth in EV sales over the next decade, fueled by government mandates, the proliferation of new models, and consumer demand.
The analysts are forecasting that EVgo will end 2023-25 with 3,760, 5,246, and 7,606 charging stalls, respectively, and revenue forecasts of $132 million, $241 million, and $428 million, respectively. Shares of EVGO are down 7.68% in pre-market trading on Wednesday.