Barclays starts Aspen Aerogels with Overweight on ‘significant growth’

Barclays analyst J. David Anderson initiated coverage of Aspen Aerogels with an Overweight rating and $27 price target. The analyst says Aspen is a “unique story that has quickly transformed” from traditional oil and gas, as a customer, to energy transition markets through its innovative aerogel products that prevent thermal runaway in lithium batteries in electric vehicles. The firm expects “significant growth,” especially after construction of Plant II by mid-2026. While there is widespread concern of a slowdown in overall EV demand in the U.S. over the next several years, numerous car makers have plans to build out capacity for EV batteries over the next five years, the analyst tells investors in a research note.