Craig-Hallum downgrades Hudson Technologies to Hold, lowers target to $7

As previously reported, Craig-Hallum downgraded Hudson Technologies (HDSN) to Hold from Buy with a price target of $7, down from $10. While Hudson Technologies has been navigating industry headwinds for the better part of two years with declining refrigerant prices, these challenges appear to be accelerating not abating in the near term, the firm says. CEO Coleman said on the conference call that without a successful petition to the EPA to accelerate the phasedown and further cut allowances, there likely won’t be a supply/demand imbalance until the next step down in 2029. Craig-Hallum took a material cut to its 2025 estimates, and it seems increasingly likely that the fundamental accelerant for Hudson Technologies isn’t a few quarters away but instead a few years.