Electric Vehicle Surge: EVgo Soars After JP Morgan Upgrade
Electric Vehicle Stocks Rally
Electric vehicle stocks have witnessed a dramatic shift, particularly with EVgo following a favorable upgrade by JP Morgan. The shares of EVgo soared over 60% after analysts at JP Morgan set a price target of $7, boosting confidence in the company’s potential amidst growing demand for electric vehicles.
Reasons for the Rise
- JP Morgan upgraded EVgo from 'neutral' to 'outperform'.
- Analysts highlighted EVgo's scalable charging model, making it resilient against its rivals.
- The company secured a $1.05 billion loan guarantee from the Department of Energy.
According to analysts, EVgo's impressive performance stems from not just their upgraded model but also their infrastructure growth potential, with plans to install 7,500 fast-charging stalls by 2030.
Stock Price Insights
After the JP Morgan upgrade, EVgo's stock price surged to $6.33, marking a significant 60.81% increase in just one day. It has seen an overall increase of 80.06% year-to-date.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.