Benchmark analyst Mickey Legg reiterated a Speculative Buy rating and $12.00 price target on Aqua Metals (NASDAQ: AQMS).

The analyst commented, "AQMS announced acquisition of Lion Energy this February and meaningfully evolved its investment narrative by complementing its partner-led recycling strategy with a revenue-generating U.S. energy storage platform. In our view the Lion transaction shifts AQMS from a purely pre-revenue recycler to a broader battery lifecycle platform with near-term operating revenue, customer access, and software capabilities. Operationally, we believe proof points around battery-grade lithium carbonate production from LFP remain intact and continue to anchor the recycling thesis while strategic optionality is expanded through Lion’s installed base and minority stake in American Battery Factory (ABF), tightening AQMS’s link to domestic manufacturing scrap and end-markets. The acquisition also de-risks the balance sheet and timeline by reducing reliance on a single commercialization milestone, while preserving discipline around capex deployment and partner capital. In our view, AQMS exits 4Q with a more durable risk-reward profile, recycling remains the long-term value driver, but the path is now supported by operating revenue, improved financing credibility, and greater strategic flexibility. Maintain Speculative Buy."

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Shares of Aqua Metals closed at $4.28 yesterday.