Stifel reduced its price target on EVgo Inc. to $6 from $7 while maintaining a buy rating, citing mixed quarterly results and a sharp downward revision to full-year guidance.
The stock was trading at $1.48 on Tuesday, near its 52-week low of $1.40 and down 63% over the past year. The analyst firm noted that while EVgo’s second-quarter revenue of $82.6 million exceeded consensus by 3.2%, it fell 24.5% quarter-over-quarter and 15.7% year-over-year. Charging network revenue rose 19% year-over-year to $61 million.
Adjusted EBITDA worsened to a loss of $10.6 million, compared with a consensus estimate of a $9.9 million loss. The adjusted loss per share was $0.15, exceeding the expected loss of $0.13. InvestingPro flagged EVgo’s financial health as weak despite the stock appearing slightly undervalued at current levels.
For the full year, EVgo revised its revenue guidance to a range of $400 million to $430 million, down from the prior $410 million to $470 million. Adjusted EBITDA guidance was cut to a range of negative $25 million to negative $5 million, compared with the previous negative $20 million to positive $20 million. The company projects positive EBITDA in the fourth quarter of 2026.
