Advanced Emissions initiated with a Buy at Roth MKM

Roth MKM analyst Gerry Sweeney initiated coverage of Advanced Emissions with a Buy rating and $6 price target. Advanced Emissions is a vertically integrated supplier of activated carbon, an industry that will remain under-supplied for the foreseeable future due to reduced supply, increasing demand and barriers to entry, the analyst tells investors in a research note. The firm says the company’s acquisition of Arq Ltd expands its total addressable market and positions it in the higher value granular active carbon market.