Aspen Aerogels (ASPN) Numbers Cut at Needham & Company Posts Q3
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Needham & Company analyst Sean K.F. Hannan lowered estimates and his price target on Aspen Aerogels (NYSE: ASPN) to $8.00 (from $9.50) but maintained a Buy rating following results.
Hannan commented, "We continue to view ASPN as a uniquely positioned materials technology company with a strong patent portfolio, differentiated aerogel products, and expanding market opportunities. Now adding to the headache of defending its patents against two Chinese manufacturers, ASPN has to replace revs from a large Petrochemical customer in addition to managing through lower overall activity in the Refiner and Petrochem spaces. Combined, the outlook is coming down for '17 and ASPN has paused its planned GA facility. Despite the near-term bumps, we remain focused on the big picture and Reiterate our Buy."
4Q now $29.4M, marginal EBITDA loss and -$0.16 vs. prior $32.3M/ $1.5M/ -$0.10. 2017 now $113M/ $3.9M/ ($0.48) vs. prior $136M/ $17.7M/ $0.00.
Shares of Aspen Aerogels closed at $5.89 yesterday.
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