The Inflation Reduction Act signing, recent underperformance and an attractive valuation make this name a buy, Bank of America said Thursday.
The Inflation Reduction Act, recent share underperformance and an attractive valuation all make Wallbox a buy, Bank of America said Thursday. Analyst Alexander Virgo upgraded the Barcelona-based maker of home electric vehicle chargers to buy from neutral. The analyst did trim his price target on the stock to $10 per share from $11.30. However, that new target still implies upside of 93% from Wednesday's close.
This high growth expectation compared to the US EVs sales growth is justified given Wallbox's position in the US charging market and the accelerated ramp up in charging infrastructure," he added. Earlier this year, President Joe Biden signed the Inflation Reduction Act. The legislation includes billions of dollars in tax credits for manufacturing clean energy products such as electric vehicles, along with tax credits for individuals who buy EVs.
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