Craig-Hallum bullish on Arq, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Arq (ARQ) with a Buy rating and $10 price target The firm sees the turnaround of PAC business under new management as sustainable and start of GAC production using vertically integrated & patented process to capitalize on massive PFAS water treatment opportunity the next phase of transformation into environmental technology company, with potential growth beyond activated carbon from asphalt and rare earths in coming years. With strong fundamentals, nice alignment of interests, position as a tariff beneficiary, $100M-plus of NOLs, attractive valuation and a path to a $25 stock, Craig-Hallum initiates Arq at Buy.