Blink Charging stock jumped 6% after H.C. Wainwright upgraded it from neutral to buy on Monday.
Blink was trading about $42.60 at noon.
According to analyst Sameer Joshi, the surge was spurred by "several beneficial factors," including a significantly improved economic environment powered by the United States' infrastructure package, which includes $7.5 billion in federal investment for the electric vehicle charging network.
Joshi cited the US administration's intention of converting the current $7,500 tax credit to a tax refund, as well as a $4,500 advantage for vehicles made in the US, as reasons for growing electric vehicle demand.
Blink shares are currently valued at $50 by H.C. Wainwright.
Matt Summerville of DA Davidson raised his price target for Blink chares from $31 to $35 while keeping his neutral rating. After Blink's third-quarter sales "handily" beat analyst projections, the analyst expressed optimism about the company's use of its EV chargers.