By Sam Boughedda
Investing.com — Blink Charging Co (NASDAQ:BLNK) shares jumped 6% on Monday after H.C. Wainwright upgraded the stock to buy from neutral.
Blink traded around $42.60 at midday.
Analyst Sameer Joshi told investors in a research note that "several positive developments" were the reason for the upgrade with a significantly improved economic environment driven by the U.S. infrastructure bill, which includes $7.5 billion of federal spending on the electric vehicle charging network.
Joshi cited the U.S. administration's aim of altering the existing $7,500 from a tax credit to a tax refund and the additional $4,500 benefit for vehicles built in U.S. factories as a reason electric vehicle demand will increase.
H.C. Wainwright currently has a $50 price target on Blink shares.
Elsewhere, Matt Summerville at DA Davidson increased the price target on Blink chares to $35 from $31, maintaining a neutral rating. The analyst said he is optimistic about Blink's utilization of its EV chargers after its third-quarter revenue "handily" beat analyst expectations.