Cowen & Co. Thinks AppHarvest’s Stock is Going to Recover

Cowen & Co. analyst Jeff Osborne maintained a Buy rating on AppHarvest (APPHResearch Report) on February 8 and set a price target of $11.00. The company’s shares closed last Monday at $4.67, close to its 52-week low of $2.62.

According to TipRanks.com, Osborne is a 4-star analyst with an average return of 6.7% and a 44.9% success rate. Osborne covers the Industrial Goods sector, focusing on stocks such as SolarEdge Technologies, Ballard Power Systems, and Workhorse Group.

Currently, the analyst consensus on AppHarvest is a Strong Buy with an average price target of $6.83, representing a 46.6% upside. In a report issued on February 18, Barclays also maintained a Buy rating on the stock with a $5.50 price target.

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Based on AppHarvest’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.07 million and GAAP net loss of $88.39 million. In comparison, last year the company had a GAAP net loss of $9.32 million.

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