As previously reported, GLJ Research upgraded Argan (AGX) to Buy from Hold with a $369 price target. The firm notes Argan’s Gemma Power Systems announced full notice to proceed on an 860MW gas-fired power plant will enter into Q3 2026 backlog. Conversations with Gemma’s largest competitors lead GLJ to believe this project is Vistra’s Monahans, Texas project – two GE Vernova (GEV) HA.02 turbines in simple cycle configuration. The firm cites the wake of a third gas generation announcement project vs. management’s guidance towards two deals for the upgrade. GLJ believes the team at Gemma Power Systems is using regional cross-staffing to surpass previously communicated staffing limitations and it views Argan’s localized scale in the accelerative Texas market as pivotal to earnings power beyond the Street as gas generation drives its 2027 topline revenue / EBITDA +31% / +61%.
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