Why EVgo Stock Was Soaring Nearly 50% Thursday
Electric-vehicle (EV) charging company EVgo (NASDAQ: EVGO) received some timely analyst support this morning. An upgrade on the stock to a buy recommendation had shares moving higher in premarket trading Thursday.
However, the timely recommendation from J.P. Morgan analyst Bill Peterson was overshadowed by news from the company itself. The combination had shares soaring as much as 49% in early trading. As of 10:55 a.m. ET, EVgo stock was still up by 47.3%.
Peterson sees a huge business opportunity in EV charging for some participating companies. He thinks a key component to success is the owner-operator structure in which EVgo operates.
Source Fool.com
