UPDATE: Seaport Global Securities Starts Aspen Aerogels (ASPN) at Buy

Seaport Global Securities analyst Tom Curran initiates coverage on Aspen Aerogels (NYSE: ASPN) with a Buy rating and a price target of $45.00.

The analyst comments "We are initiating coverage of Aspen Aerogels (ASPN) with a Buy rating, a $45 price target, and revenue forecasts for 2021 and 2022 of $110.2MM and $136.8MM, respectively. Over the next three years, ASPN’s ascendant EV (electric vehicle) products business should dramatically transform the company, becoming its dominant business and putting annual revenue on a trajectory that takes it to a multiple of the prior record, in our view. We believe the thermal barriers segment not only will imminently secure at least one more multi-year award from a top 10 automaker, but, by the end of 2022, could have won contracts from enough of the major EV battery platforms for PyroThin to become the de facto industry standard. While it remains in R&D mode, the battery materials segment’s silicon carbon aerogel structure for an EV LIB's (lithium-ion battery) anode has auspicious market traction, with expected milestones ahead and a targeted commercial breakthrough in 2023. Finally, the energy infrastructure division has started to recover from COVID-19 and should assume a healthy CAGR highlighted by LNG."

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 $34.38 yesterday.

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