Aspen Aerogels price target lowered to $21 from $30 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Aspen Aerogels (ASPN) to $21 from $30 and keeps a Buy rating on the shares. The firm notes that ongoing negative electric vehicle sentiment and the backdrop of a new Administration continues to weigh on shares of Aspen Aerogels. This weakness has been exacerbated by the company’s lack of success in closing its ATVM program loan from the Department of Energy by January 20, which does not close the door on this funding source but in Craig-Hallum’s view reduces the odds of success. To the firm, it feels as if investors have for the most part decided that there is now no path forward for Plant 2 and see a bleak future for EVs.