Canaccord starts Hudson Technologies at Buy, sees shares undervalued

Canaccord initiated coverage of Hudson Technologies with a Buy rating and $15 price target. Hudson is the largest U.S. reclaimer and reseller of refrigerants, of which 80% of the installed base today utilizes canisters of hydrofluorocarbons, the analyst tells investors in a research note. The firm says Hudson holds 35% market share in a “heavily fragmented” refrigerant gas reclamation market with more than 30 smaller reclaimers. It believes the stock is undervalued relative to chemical producers and similar recycling businesses.