Argan upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Argan (AGX) to Overweight from Neutral with a price target of $315, up from $220. The firm also placed the shares on “Positive Catalyst Watch” into the Q3 earnings report in early December. Argan and its subsidiary, Gemma Power Systems, are “underappreciated beneficiaries” of the accelerating artificial intelligence-driven power demand cycle, the analyst tells investors in a research note. The firm believes the company’s “record” backlog, with large-scale gas projects in the U.S., and “unprecedented” pricing tailwinds in the gas turbine market provide strong visibility into multi-year growth and margin expansion.