Why EVgo Stock Was an Electric Stock This Week

Key Points

• One analyst continues to believe the EV charging specialist has significant potential upside.

• In fact, he feels its shares can blast more than 50% higher.

• 10 stocks we like better than EVgo ›

The traffic light was bright green for EVgo (NASDAQ: EVGO) stock over the past few days on the market. An analyst reiterated his buy case on the electric charging station stock, and investors took this to heart. According to data compiled by S&P Global Market Intelligence, EVgo's shares were motoring 13% higher week to date as of Thursday night.

Joint venture supplies juice

The latest prognosticator to weigh in with a positive take on EVgo was Cantor Fitzgerald's Andres Sheppard. Before the start of the trading week, early Monday morning, he reiterated his overweight (i.e., buy) recommendation on the company's stock and his price target of $7 per share. That level anticipates robust upside of nearly 51% on the company's most recent closing price.

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Image source: Getty Images.

According to reports, Sheppard's continued optimism rests on EVgo's recent news that the joint-venture charging business operated by it, General Motors, and Pilot has reached a notable stage in its build-out. It reported that the company has more than 200 Pilot and Flying J charging facilities.

These are spread far and wide through the country, with around 40 states and a total of roughly 850 stalls for electric vehicles to juice up. The analyst pointed out that the joint venture is aiming to build its sites in major interstate travel corridors, in addition to underserved rural areas.

On the road to 500

Sheppard also expressed optimism that the three companies would reach their goal to hit 500 locations by the end of this year. Volume is important for charging companies like EVgo, and it seems the company is well on its way to achieving meaningful scale.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends General Motors. The Motley Fool has a disclosure policy.