Argan downgraded to Hold from Buy at Lake Street

Lake Street downgraded Argan (AGX) to Hold from Buy with a price target of $325, up from $260. Argan is executing well with strong margins and a $3B backlog that provides visibility for the next two to three years, but shares are trading at a “top-tier valuation on peak estimates” that reflect strong execution, increased margins, and full activity on its current pipeline, the analyst tells investors.