Stifel Keeps Buy Rating on EVGO with $8 Target

EVgo, Inc. (NASDAQ:EVGO) is one of the 10 Best Penny Stocks to Buy for the Next 5 Years. On August 13, Stifel reiterated its Buy rating for EVgo, Inc. (NASDAQ:EVGO) with a price target of $8.

The firm pointed out that EVgo, Inc. (NASDAQ:EVGO) is continuing to follow its business plan even when the electric vehicle (EV) charging industry is facing challenges. Stifel specifically mentioned the expected end of the $7,500 tax credit for EV buyers.

Despite these headwinds, Stifel believes that EVgo, Inc. (NASDAQ:EVGO) is still on track to achieve positive EBITDA by the fourth quarter of 2025.

The firm thinks that the company has secured enough funding to support its growth and is well-positioned for multi-year growth in the EV charging industry.

EVgo, Inc. (NASDAQ:EVGO) is an electric vehicle (EV) charging company focused on providing EV charging solutions. With over 1,100 fast charging stations across more than 40 states, it is one of the leading fast charging providers in the US.

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Disclosure: None. This article is originally published at Insider Monkey.