Factor Model (net -3.3)
Factor Model
net -3.3 6.4 / 10JPMorgan Buy rating backs Kroger charging expansion
Watch: Watch for site activation cadence over the next 12 months. If EVGO hits the 150+ annual target consistently and opens locations on schedule across the seven-state rollout, it validates both the Kroger partnership's execution and investor confidence in the Buy thesis.
JPMorgan reiterated its Buy rating on EVGO with a $6 price target on February 16, affirming conviction in the EV charging operator. The validation coincides with EVgo's expanded Kroger partnership — the company committed to building at least 150 fast charging stalls annually through 2035, with up to 16 high-power stations at select locations. The first site is now operational in Salt Lake City, with additional rollouts planned across Arizona, California, Florida, Georgia, Texas, and Washington.
This is a durable revenue stream locked in through 2035 with one of the largest U.S. retailers. A 15-year commitment from Kroger de-risks EVGO's unit economics and provides predictable capex deployment across a major grocer's footprint — exactly the kind of anchor tenant revenue that justifies public market valuations in infrastructure plays.
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