Aspen Aerogels downgraded to Neutral from Buy at Seaport Research

Seaport Research downgraded Aspen Aerogels (ASPN) to Neutral from Buy after its Q4 earnings and below-consensus guidance. The firm’s conviction in the company’s EVTB – EV Thermal Barriers – division’s ability to sustain both top line growth and recent margin is waning given the wide expected Q1 margin range and absence of any post-Q1 revenue or profit forecasts, along with the allusion to a tighter relationship between its PyroThin order volume and the associated customer EV program’s unit sales, the analyst tells investors in a research note. Seaport adds it is particularly concerned about ramp expectations for second-half ramp for EVTB’s contracts with ACC – the JV between Stellantis, Mercedes-Benz and TotalEnergies – the firm added.