Aspen Aerogels (ASPN) PT Raised to $29 at Piper Sandler

Piper Sandler analyst Alexander Potter raised the price target on Aspen Aerogels (NYSE: ASPN) to $29.00 (from $20.00) while maintaining a Overweight rating.

The analyst commented, "Shares of ASPN rose 57% after reporting 1Q24 results. The company outperformed on every metric that matters, with gross margin of 37% exceeding ASPN's long-term target by 200bps. We can understand if some investors have begun scrutinizing the valuation (ASPN shares have risen by 330% since bottoming in August), but in our opinion, it's too early to consider selling. It's true that EV headwinds are dominating the headlines, and ASPN is highly reliant upon a successful production ramp at General Motors. But ASPN is providing prototypes for 20 other vehicle programs (excluding GM), and a successful DOE loan application could boost the shares further in the coming months. We're increasing our DCF-based price target to $29, and we remain Overweight."

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