ChargePoint and Blink Charging Rally after Landing Buy Ratings from UBS

seekingalpha2023-09-27

ChargePoint Holdings (NYSE:CHPT) and Blink Charging (NASDAQ:BLNK) both rallied in early trading on Wednesday after UBS started off coverage on both electric vehicle battery charging stocks with a Buy rating.

Analyst Robert Jamieson and team do not believe investors fully appreciate how Blink Charging's (BLNK) business model is unique and the margin improvement potential following six acquisitions since 2020.

"BLNK has begun migrating acquired chargers to the Blink Network, and consolidating financial reporting & CRM systems. We think these actions can help BLNK achieve breakeven adj EBITDA in 2025, a yr ahead of consensus. With the shares down 84% in the last year, we see the current price as an attractive entry point with a 4:1 upside/downside skew."

UBS' bullish stance on ChargePoint (CHPT) is based off the company having the largest network of Level 2 chargers in North America with around 50% market share. Jamieson said that is important because multiple consultant studies project that around 90% of future U.S. charging port deployments will be L2s. CHPT's deep customer base of large companies that will support the land and expand growth strategy is also seen as a positive. CHPT is seen as being on a clear path to break even EBITDA by FQ4 of 2025 as gross margin expands as various headwinds abate and opex spending growth slows.

Shares of Blink Charging (BLNK) rallied 10.89% in early Wednesday morning trading and ChargePoint Holdings (CHPT) jumped 6.8%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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