PureCycle Technologies price target raised to $16 from $12 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on PureCycle Technologies (PCT) to $16 from $12 and keeps an Overweight rating on the shares. Last week, PureCycle announced a $300M capital raise from new and existing investors, with the plan to bring 1B pounds of installed capacity online in the U.S., Europe, and Asia before 2030, which management expects will help de-risk the balance sheet and to open additional sources of capital, the analyst tells investors in a research note. Cantor remains bullish on PureCycle over the long-term.