H.C. Wainwright Downgrades Aspen Aerogels (ASPN) to Neutral

H.C. Wainwright analyst Amit Dayal downgraded Aspen Aerogels (NYSE: ASPN) from Buy to Neutral.

The analyst comments "In trying to balance between a somewhat tempered near-term outlook that is essentially calling for flat 2021 revenues, and an optimistic set-up in 2023 and beyond supported by the company's entry into the electric vehicle (EV) market, we are revising our rating on Aspen Aerogels to Neutral from Buy (previous price target $18.00). On February 18 2021, the stock closed at $24.31, approximately 34.5% above our prior price target of $18.00 that we introduced on October 30 2020. We believe the stock at current levels is more than adequately reflecting the company's near-to-mid-term outlook. We believe the company continues to remain well positioned to convert EV-related RFQs (requests for quotations) in its pipeline to commercial contracts. We intend to revisit our rating and price target for Aspen Aerogels based on execution in its core energy infrastructure business and potential new OEM contracts on the EV front."

For an analyst ratings summary and ratings history on Aspen Aerogels click here. For more ratings news on Aspen Aerogels click here.

Shares of Aspen Aerogels closed at $21.00 yesterday.

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