Argan upgraded to Buy from Hold at Lake Street

Lake Street analyst Robert Brown upgraded Argan (AGX) to Buy from Hold with a $150 price target citing the share price pullback and “strong” Q4 results that the firm argues demonstrated Argan’s ability to drive higher gross margins and EBITDA and “showed the potential of the business.” Management was increasingly bullish on the new project pipeline and expects several new power plant projects to be awarded within the next six months, which the firm estimates can move backlog to $2.5B-$3B, from $1.4B today, the analyst added.