Benzinga | Nov 15, 2021 10:53AM EST

Credit Suisse Downgrades EVgo Citing Valuation

* Credit Suisse analyst Maheep Mandloi downgraded EVgo Inc (NASDAQ:EVGO) to Neutral from Outperform with a price target of $17, up from $11, implying a 10% downside. The analyst cites valuation for the downgrade.

* Mandloi said the recent stock rally appeared to have priced in the benefits of the infrastructure bill and expanded partnerships with General Motors Co (NYSE:GM) and Uber Technologies (NYSE:UBER).

* EVgo has "first mover advantages," but also faces potential competition from new entrants in a technology agnostic capital intensive industry, the analyst added.

* Price Action: EVGO shares closed lower by 1.72% at $18.90 on Friday.