Aspen Aerogels price target lowered to $10 from $11 at Canaccord

Canaccord lowered the firm’s price target on Aspen Aerogels (ASPN) to $10 from $11 and keeps a Buy rating on the shares. The firm noted they reported a Q2 beat but with a downside to profitability. They believe management is taking the right steps to rightsize the business preserving marginal profitability with a cost structure that reflects the current reality. Limited capex should help the company maintain relative free cash flow neutrality in a new normal. With net cash on the balance sheet, Aspen also has the cash on hand to help weather the storm.