EVgo (EVGO) Stock Forecast & Price Target

EVgo's total network throughput has demonstrated robust growth, increasing by 8.0% sequentially and 25.0% year-over-year, further supported by a rising average daily throughput per stall of 295 kWh, which reflects a 16% increase from the previous quarter. The company's strategic deployment of 350 kW chargers has positioned approximately 60% of its stalls for higher utilization rates, which is expected to enhance throughput metrics significantly. Additionally, EVgo's anticipated annual stall build schedule of up to 5,000 stalls through 2029, coupled with an increase in ancillary revenue from its dedicated hubs, suggests a strong and sustainable growth trajectory.

EVgo's stock faces significant uncertainties driven by a slowdown in electric vehicle (EV) adoption rates, influenced by weakened consumer sentiment, rising interest rates, and reduced production by legacy original equipment manufacturers (OEMs). The company's revenue growth is projected to be flat year-over-year due to increased competition from DC Fast Charging (DCFC) stations and a change in the regulatory landscape, which is expected to dampen investor sentiment. Additionally, recent financial performance indicates that EVgo's total revenue of $92.3 million fell short of forecasts and sequentially declined by 5.8%, signaling challenges in maintaining growth momentum in a tightening market environment.