Slowing North American EV sales triggers downgrade for Sensata and ChargePoint - analyst [Seeking Alpha]
Sensata Technologies Holding plc Ordinary Shares (ST)
Last sensata technologies holding plc ordinary shares earnings: 4/29 06:00 am
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Source: Seeking Alpha
as well as Goldman downgrades both Sensata ( NYSE: ST ) and ChargePoint ( NYSE: CHPT ) given their exposure to the North American EV market. The firm downgraded Sensata ( ST ) to Neutral from Buy, and ChargePoint ( CHPT ) to Sell from Neutral. For Sensata ( ST ) Goldman Sachs analyst Mark Delaney expects the company to see slower near- to intermediate-term revenue growth in its North American business tied to the sluggish EV market in the U.S. which includes Ford's ( F ) decision to scale back and even delay production on some of its EVs. Delaney stresses that Sensata ( ST ) has 1.5x the content on a battery-EV versus a traditional combustion engine vehicle in North American compared to 0.5x in Europe and 1.25x in China. By downgrading ChargePoint ( CHPT ) to Sell, Delaney sees less EVs on the road resulting in the need for fewer charging stations. With 80% of its sales in North America, ChargePoint will be impacted by slower U.S. EV sales, in addition to Tesla ( TSLA ) opening
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ST
Earnings
- 4/29/24 - Beat
ST
Sec Filings
- 4/29/24 - Form 10-Q
- 4/29/24 - Form DEFA14A
- 4/29/24 - Form DEF
- ST's page on the SEC website