Aspen Aerogels price target lowered to $30 from $38 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Aspen Aerogels (ASPN) to $30 from $38 and keeps a Buy rating on the shares following Q3 results and FY24 guidance. The firm told investors that this was a “fantastic” quarter and one that against a different political backdrop would have been viewed much more positively by the Street. According to Craig-Hallum, the looming new Administration brings with it questions of risk related to electric vehicle support and Aspen’s conditional Department of Energy loan commitment in support of its Georgia production plant buildout. However, the firm sees numerous reasons to be optimistic that these funds will be secured by Q1 enabling the company to meet the growth opportunity for PyroThin.