Benzinga | Nov 15, 2021 02:02PM EST

Why EVgo Shares Are Falling Today

EVgo Inc (NASDAQ:EVGO) is trading significantly lower Monday following negative analyst coverage from Credit Suisse.

Credit Suisse analyst Maheep Mandloi downgraded EVgo from an Outperform rating to a Neutral rating and raised the price target from $11 to $17.

Related Link: Credit Suisse Downgrades EVgo Citing Valuation

Mandloi cited valuation concerns saying the stock has already priced in benefits from the infrastructure plan and expanded partnerships with General Motors Co (NYSE:GM) and Uber Technologies (NYSE:UBER).

EVgo has a deal with General Motors in which it will be setting up 3,250 high-powered DC fast charging stations by 2025.

While the company has first-mover advantages, it also faces competition from new entrants in a capital intensive industry, according to the Credit Suisse analyst.

EVgo is a public fast charging network for electric vehicles powered by renewable energy.

EVGO Price Action: EVgo has traded as high as $19.58 and as low as $7.17 over a 52-week period.

The stock was down 13.40% at $16.35 at time of publication.

Photo: Noya Fields from Flickr.