Shares of the U.K.-based company are up over 20% this year, and BofA says demand for charging infrastructure means it has much further to go.
Shares of U.K.-listed electric charging infrastructure firm Pod Point are expected to surge by 118% over the next 12 months, according to Bank of America. The investment bank increased its price target and predicted shares of the company would rise to £1.74 in a note on April 11. The stock is up by more than 20% this year and was trading at £0.78 on Thursday. Bank of America expects the recent rise in the number of EVs in the U.K.
line Bank of America has raised its expectations for EV sales in the U.K. between 2023 and 2025 by 3-4% compared to its earlier estimates in February. Pod Point, with a market cap of £120 million , manufactures its EV chargers and provides customers in the U.K. and Norway access to its electricity network. Since 2020, France's state-owned energy company EDF has been a majority shareholder with a 54% stake, according to FactSet data.
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