Cowen Starts Appharvest (APPH) at Outperform
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Cowen analyst Jeff Osborne initiates coverage on Appharvest (NASDAQ: APPH) with a Outperform rating and a price target of $42.00.
The analyst comments "AppHarvest is a system integrator aiming to build 12 CEA sites to produce vine crops and leafy greens by 2025. We see the sites, with take or pay offtake agreements, throwing off a ~15% return while being ~90% more water efficient than open field. CEA sites are 30x more efficient than open field growth. The story should resonate well with ESG investors by tackling water, food, and social problems."
Shares of Appharvest closed at $36.00 yesterday.
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