The EV charging firm is set to release two new models of superchargers, which is expected to power sales in the second half of the year.
Bank of America doubled down on its buy rating for electric vehicle charging company Wallbox and expects its shares to rise by more than 60% over the next 12 months to $5.5 a share. The Barcelona-based company manufactures home electric vehicle chargers and public charging systems for the North American and European markets. However, the bullish outlook from the investment bank's analysts comes with a downward revision for its price target from $8 a share.
"We think gross margin could further rebound by the end of 2023 … with new products sales accelerating and better production costs management," she said in a research note to clients on May 5. The company delivered 45,000 charging units in the first quarter of this year, compared to 48,000 in the fourth quarter of last year. Despite declining quarterly figures, the company reported 24% annual revenue growth.
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