PureCycle price target raised to $16 from $13 at Alembic Global

Alembic Global raised the firm’s price target on PureCycle Technologies (PCT) to $16 from $13 and keeps an Overweight rating on the shares. The firm vies the company’s near-term goals as “ambitious but achievable.” While not a direct comparable, AST SpaceMobile (ASTS) could provide insights into future PureCycle share price outperformance provided the company hits targets, the analyst tells investors in a research note. Alembic notes sires of AST struggled until the company announced the delivery dates of its first satellites alongside a six-year commercial agreement, and have surged since. When PureCycle’s flagship purification facility in Ironton, Ohio hits optimal utilization rates the stock could “similarly unlock significant value,” contends the firm.