ChargePoint Holdings Inc. (CHPT) stock plummeted 5.71% intraday on Tuesday, significantly underperforming the broader market.
The sell-off in the electric vehicle charging company's shares came after UBS analysts lowered their price target on ChargePoint to $1.30 from $1.50, maintaining a Neutral rating. According to analysts polled by FactSet, ChargePoint currently has an average rating of "Hold" and a mean price target of $2.13, suggesting potential upside from current levels.
The analyst price target cut could be weighing on investor sentiment towards ChargePoint, as it indicates reduced optimism about the company's near-term prospects and valuation. However, the broader analyst consensus remains relatively neutral, with a "Hold" rating on average.
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