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ChargePoint Holdings (NYSE:CHPT) rises after investors latched on to a strong guidance update from the EV charging station company that included an outlook for FY23 revenue of $450M to $500M vs. $380M consensus.
Oppenheimer reiterated an Outperform rating on ChargePoint Holdings (CHPT) following the report.
Analyst Colin Rusch: “Given the early stage of the market, we believe CHPT’s ability to maintain/ grow market share is critical to the long-term model of driving recurring revenue per port. We believe the company is executing well on port growth and is gaining traction in the EU with the aid of its recent acquisitions. As we raise OpEx spend estimates, we believe the company is pursuing a sound strategy bringing several new products to market in FY23 and expect CHPT to enjoy incremental operating leverage going forward and could substantially outpace our revenue estimates through FY26. We remain bullish on shares.”
Shares of CHPY moved up 6.75% in premarket trading to $15.02 vs. the 52-week trading range of $11.21 to $36.86.
Dig into the ChargePoint Holdings (CHPT) earnings call transcript.
