Argan price target raised to $85 from $70 at Lake Street

Lake Street analyst Robert Brown raised the firm’s price target on Argan to $85 from $70 and keeps a Buy rating on the shares after Q1 results came in above expectations. The new project pipeline continues to accelerate as electricity demand is increasing meaningfully driven by new power demand from data centers and EVs, notes the analyst, who thinks Argan should see increased activity over the next 12-24 months and expects “a cadence of new project awards.”