Shares of electric vehicle charging network provider ChargePoint (ASX:CHPT) were noted to be down 0.43% in premarket trading.

Needham’s Equity Research division has trimmed the price target for the company to $8 from its earlier rating of $9, however, maintaining the ‘buy’ rating.

This new price target indicates a hopeful 68.42% upside to the stock’s last closing price.

Needham justifies its decision citing elevated near-term uncertainty and poor investor sentiment.

In spite of a cautious short-term view, Needham remains optimistic about the longer-term prospects of EV adoption and the growth of EV chargers.

This sentiment fosters the belief that ChargePoint, as an industry leader, stands to gain directly.

Among 22 brokerages, seventeen rate the ChargePoint stock as ‘buy’ or higher and five as ‘hold’.

Their median price target stands at $10.

ChargePoint’s stock has seen a decrease of 50.16% year-to-date in comparison to the 3.48% rise seen in the Dow Jones U.S.

Industrials Index.

ChargePoint is a provider of electric vehicle charging network.