B. Riley lowered the firm’s price target on Hudson Technologies (HDSN) to $7.25 from $8.50 and keeps a Neutral rating on the shares. Prices of hydrofluorocarbons have remained under pressure throughout 2024 with refigerant prices down 20% quarter over quarter, and Hudson’s Q3 revenue was below the firm’s estimate and gross margin was also down 430 basis points quarter over quarter, the analyst tells investors in a research note. While HFC prices have declined more than management anticipated, the firm thinks prices are now at or below production cost, which could help stem further pricing declines, but is waiting on the sidelines until pricing visibility into the 2025 selling season improves.
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