Aspen Aerogels price target lowered to $22 from $35 at B. Riley

B. Riley lowered the firm’s price target on Aspen Aerogels (ASPN) to $22 from $35 and keeps a Buy rating on the shares following the Q4 earnings report. B. Riley believes Q1 will represent the trough for the EV business, though commentary from management suggested a cautious approach to the rest of 2025, the analyst tells investors in a research note. The firm believes the stock reflects value of less than $3 per share for the Thermal Barrier business at current levels.