Argan price target raised to $260 from $236 at Lake Street

Lake Street raised the firm’s price target on Argan (AGX) to $260 from $236 and keeps a Buy rating on the shares after the company delivered better-than-expected margins in Q2. This should continue and the company noted an expectation of a step up in margins as the environment strengthens, according to the analyst, who thinks shares deserve a premium multiple due to the potential for an extended cycle driven by investments to replace aging infrastructure and for new power demand.