Benchmark Upgrades AeroClean Thechnologies Inc. (AERC) to Speculative Buy
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Benchmark analyst Robert Wasserman upgraded AeroClean Thechnologies Inc. (NASDAQ: AERC) from Hold to Speculative Buy with a price target of $7.00.
The analyst comments "AeroClean Technologies reported financial results for its 2Q22, including revenues of $70,000 and a net loss of $5.2 million, or ($0.37) per share, as compared to a net loss of $2.3 million or ($0.23) per share in the prior year period. The company did not record any revenues last year prior to product launch. Net losses this year included approximately $2.3 million in costs for equity raises and public company listing. The company has re-started production of its Pūrgo air purification devices and had several positive sales and product developments in the quarter. Thus, we are raising our recommendation on AERC shares to Speculative Buy with a $7 price target, based on 5X estimated revenues for 2023E."
Shares of AeroClean Thechnologies Inc. closed at $4.34 yesterday.
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