Stifel analyst Stephen Gengaro downgraded Wallbox (WBX) to Hold from Buy with a price target of $1.50, down from $3. The firm is citing weakened consumer sentiment around EV adoption driven by a higher interest rate environment and OEMs scaling back production plans for EVs in the near-term. Stifel also notes that the allocation of NEVI funding in the U.S. has been slower-than-anticipated, which may weigh on DC charger sales growth tied to the NEVI program if it continues to be slow to materialize.
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