Aspen Aerogels price target lowered to $26 from $39 at B. Riley

B. Riley analyst Christopher Souther lowered the firm’s price target on Aspen Aerogels to $26 from $39 and keeps a Buy rating on the shares. The analyst updated his model to reflect the dilution from the $240M equity offering, as well as the $100M debt financing from key customer GM. With the funding for Phase 1 complete, investor focus likely shifts toward selling out the plant for the 2025-2026 timeframe and catalysts around additional customer wins are likely to drive stock performance, Souther tells investors in a research note.