JPMorgan analyst Bill Peterson upgraded EVgo to Overweight from Neutral with a $7 price target. The firm also placed the shares on “Positive Catalyst Watch.” Unlike its hardware and software peers, EVgo’s fast charging owner-operator model has been scaling well with higher utilization and charge rates in the “current muted” electric vehicle environment, the analyst tells investors in a research note. The firm expects the combination of steady network throughput growth, flat to modestly improving gross margins, and better operating leverage to turn the company to breakeven adjusted EBITDA exiting 2025 and growing from there. JPMorgan says a likely conditional loan commitment from the Department of Energy’s Loan Programs Office in the range of several hundreds of millions, expected by year-end, which will accelerate EVgo’s pace of network buildout.