JPMorgan upgrades Argan to Overweight after ‘strong’ Q4 report

JPMorgan analyst Michael Fairbanks upgraded Argan (AGX) to Overweight from Neutral with a price target of $550, up from $370. The company reported “strong” Q4 results and has several potential catalysts in fiscal 2027, the analyst tells investors in a research note. The firm says Argan’s net liquidity grew to $421M during the quarter, which management believes could support a backlog in excess of $4B. JPMorgan now believes this is achievable by year-end fiscal 2027 under the current team count. It also believes a potential long-term framework agreement with a key customer could support extended demand visibility through the end of the decade.