Royal Bank Cuts EVgo Price Target to $2.50 Amid Mixed Analyst Sentiment

Royal Bank Of Canada has lowered its price target for EVgo (NASDAQ:EVGO) to $2.50, representing a potential upside of 63.93% from the stock's current price.

The brokerage currently maintains an 'outperform' rating on the stock, despite mixed analyst sentiment. While some analysts are optimistic about EVgo's growth prospects, others have expressed concerns about the company's revenue and guidance.

EVgo has been expanding its fast-charging network in the US, with plans to deploy Tesla V4 Superchargers across metropolitan areas. The company reported a Q2 loss of $0.15 per share, beating analysts' consensus estimates of ($0.18). However, total Q2 revenue was down 15.7% year over year, and EVgo's FY 2026 revenue outlook of $400 million-$430 million is below the analyst consensus.