Why ChargePoint Stock Is Charging Up This Week
ChargePoint Holdings (NYSE: CHPT) stock jumped this week, gaining a solid 21.6% through the week as of 1 p.m. ET Friday, according to data provided by S&P Global Market Intelligence. If ChargePoint impressed investors with its quarterly numbers and outlook last week, an analyst singled out the electric vehicle (EV) charging stock this week as a major potential winner from the Inflation Reduction Act (IRA).
Maheep Mandloi from Credit Suisse initiated coverage on ChargePoint stock midweek with an outperform rating and a price target of $22 per share. For context, even after this week's stunning rally, ChargePoint stock is hovering around $17.55 per share as of this writing.
Mandloi is bullish about ChargePoint especially after the IRA was signed into law some weeks ago. The IRA has big spending lined up on clean energy technologies, including EVs, and has brought back tax credits for EV charging stations.
Source Fool.com
