TD Cowen Cautious on ChargePoint (CHPT) After Q2 Earnings Disappoint

ChargePoint Holdings, Inc. (NYSE:CHPT) is one of the best electric vehicle supply chain stocks to buy right now. On September 4, TD Cowen maintained its Hold rating on ChargePoint Holdings, Inc. (NYSE:CHPT), while trimming its 12-month price target from $30 all the way to $11. As of September 5, the stock was trading at $9.74, a 12.9% implied upside. The rest of Wall Street is slightly more bullish on the stock with an average implied 12-month upside of 18.24%.

The price target cut came after the company reported Q2 Fiscal Year 2026 (quarter ended July 2025) earnings on September 3. The firm noted that the company’s Q2 results saw solid execution but cautioned about the realities of the current state of the US EV market.

The EV charging company reported Q2 FY2026 results that missed EPS expectations, posting a loss of $1.42 per share vs. consensus estimates of $1.16. It generated revenue of $98.59 million, aligning with the upper end of guidance but representing a 9% year-over-year decline.

Notably, non-GAAP gross margin improved sequentially to 33%, the highest since the company went public. The company said the expansion was driven by product mix and operational efficiencies.

Despite macro headwinds, including softening U.S. EV adoption, as the TD Cowen analyst noted, and expiring tax incentives, management remains focused on long-term growth, innovation, and margin expansion. ChargePoint has now pushed out its target for achieving breakeven on an EBITDA basis beyond FY2026.

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Disclosure: None.