Argan price target raised to $375 from $325 at Lake Street

Lake Street analyst Robert Brown raised the firm’s price target on Argan (AGX) to $375 from $325 and keeps a Hold rating on the shares. With management noting that it expects two to three additional project wins in the next 12-20 months, and the current $2.9B backlog, the firm estimates Argan can become a $1.5B business generating $225M in EBITDA, but adds that it believes the shares reflect Argan’s strong execution and pipeline of new projects.