LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity lowered their target price on electric vehicle charging solutions provider Pod Point from 70.0p to 60.0p on Tuesday following the group's maiden capital markets day in November.
Canaccord Genuity said its main takeaway from Pod Point's CMD was that it has "strongly positioned" itself as a grid flex provider, touching multiple different routes for the service, beyond its EV roots.

"Services and businesses that do not support flex have been explicitly discontinued or earmarked for sale, and the potential for flex provision via new routes was highlighted - notably grid-connected batteries and international chargepoint sales," said Canaccord, which reiterated its 'buy' rating on the stock.

The Canadian bank highlighted that equally critical was the support of major shareholder EDF, both for the strategy and via a £30.0m credit facility, which it expects to be used from mid-2025 onwards ahead of free cash flow in 2027.

With that said, Canaccord revised its forecasts to match new guidance, noting a "slight upgrade" to 2023 expectations being offset by "a much slower earnings ramp" over the next few years, largely down to continued losses in the EV chargepoint installation business.











Reporting by Iain Gilbert at Sharecast.com

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