ChargePoint initiated with an Outperform at Cowen

Cowen analyst Gabe Daoud initiated coverage of ChargePoint with an Outperform rating and $43 price target as part of starting coverage on EV charging with a positive bias. Overall, the sector is attractively positioned and he envisions significant long-term value creation, Daoud tells investors. ChargePoint, which Daoud calls the “EV-charging market leader,” will use cash from the recently closed SPAC merger to fund expansion into the European market, the analyst said. He estimates ChargePoint total addressable market to include about $12B in hardware potential and $8B in network fee revenue across the U.S. and Europe by 2030.