Argan downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Argan (AGX) to Neutral from Overweight with a price target of $370, up from $315. The firm cites valuation for the downgrade following the stock’s outperformance versus the Russell 2000 over the last two months. JPMorgan finds it “increasingly difficult” to justify Argan’s valuation at current levels. It does not expect any major announcements with the Q3 report and sees little room for additional positive catalysts to emerge in the near-term.