Why ChargePoint's Stock Is Surging Higher Today
Beginning the abbreviated trading week on a bullish note, shares of ChargePoint (NYSE: CHPT) are racing higher out of the gate this morning. While cautious optimism about a resolution to the debt ceiling crisis is pushing the S&P 500 slightly higher, an analyst's positive take on the EV charging stock is powering investors to pick up shares.
Shares of ChargePoint are up 12.1% as of 11:20 a.m. ET.
Espousing a more bullish outlook on ChargePoint, Alex Vrabel, an analyst at Bank of America, upgraded the stock to buy from neutral. Despite the more favorable outlook, Vrabel reduced the price target to $14 from $15.50. Based on the stock's closing price of $8.25 at the end of Friday's trading session, Vrabel's price target implies upside of 70%.
Source Fool.com
