Analyst Andrew Percoco of Morgan Stanley began following EVgo, Inc. (NASDAQ:EVGO) with a $4 price target and an Equal Weight rating.
A businessman plugging in to a public charging station, symbolizing the services provided by the company.
In a research note, the analyst informed investors that EVgo, Inc. is a “pure-play” EV charging name that is well-positioned in a developing EV industry. It plans to produce high earnings growth through its partnerships with OEMs, site hosts, and fleet operators, as well as low-cost financing.
However, the firm notes that Morgan Stanley is marginalized due to policy risk, competitive challenges, and valuation.
Nonetheless, EVgo, Inc.’s charging network business experienced excellent success, which drove its first-quarter 2025 revenue of $75.3 million, a 36% year-over-year rise. Charging network revenue grew by 49% from the previous year to a record $47.1 million, the 13th consecutive quarter of double-digit increase. As a result of elevated user engagement and utilization, network throughput also increased significantly, hitting 83 gigawatt-hours, a 60% YoY growth.
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