Needham & Company initiates coverage on Aspen Aerogels (NYSE: ASPN) with a Buy rating and a price target of $9.50.

Analyst Sean K.F. Hannan commented, "We are initiating coverage of Aspen Aerogels with a Buy rating and $9.50 price target. In our view, Aspen is an advanced materials company with high-design and special property insulation products that help energy and industrial facilities improve performance and cost considerations over traditional insulation offerings. A brief overview of Aspen’s end-user base reveals an impressive list of adopters, which generally continue to demand (and wait for) product at a higher level than Aspen has been able to produce. With a scalable model, a new ramping production line, and a new (2nd) facility selection process underway, we expect healthy long-term revenue and EBITDA generation."

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 $7.00 yesterday.