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Investing.com – EVgo stock (NASDAQ:EVGO) plunged 14% Monday as Credit Suisse downgraded the stock to neutral after the stock more than doubled in November.
The stock touched a low of $15.78 in the session so far today and later recouped some losses to trade at $16.65, which is 35 cents lower than analyst Maheep Mandloi’s new target of $17.
The new target is higher than Mandloi’s previous target of $11.
According to the analyst, the stock has priced in benefits from the infrastructure plan and expanded partnerships with General Motors and Uber
The company has a first-mover advantage, but also faces competition from new entrants in a technology-agnostic capital intensive industry, Mandloi wrote in the report.
Under the deal with GM, EVgo is setting up high-powered DC fast charging stalls and plans to have 3,250 of them by 2025, more than tripling the network.
Among other features under the deal with Uber (NYSE:UBER) Uber, EVgo will enable drivers without access to at-home charging to charge in between Uber trips.
