Canaccord Genuity Reiterates Buy Rating on Hudson Technologies (HDSN)

Canaccord Genuity analyst Austin Moeller reiterated a Buy rating and $10.50 price target on Hudson Technologies (NASDAQ: HDSN).

The analyst commented: "We are maintaining our BUY rating and $10.50 PT on HDSN. The five-year, $210M IDIQ contract renewal could potentially generate up to $42M in average annual revenues
to Hudson over the course of the agreement, reflecting a substantial buffer to overall sales considering the company’s ~$225M in TTM revenues. We believe Hudson is likely to maintain its longstanding partnership with the DLA beyond the five-year contract extension period, implying that the program can serve as an anchor to Hudson’s sales that is less exposed to consumer and commercial demand for refrigerants (along with refrigerant prices) during the annual cooling season. In the near-term, we continue to expect refrigerant pricing tailwinds due to the restricted supply of virgin HFC production under the AIM Act and tariff-related price increases, which should prove favorable to Hudson’s reclamation and distribution revenues and gross margins over the next few years."

For an analyst ratings summary and ratings history on Hudson Technologies click here. For more ratings news on Hudson Technologies click here.

Shares of Hudson Technologies closed at $9.37 yesterday.

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