Argan jumps on Q4 revenue beat

Argan

12/04/2024 15:04

** Shares of engineering services firm Argan  AGX.N  up
22.7% at $60.50 
    ** Stock hits more than a six-year high 
    ** Co's Q4 rev rises by 38.5% to $164.55 mln vs est of
$161.60 mln - LSEG data
    ** Says rise in revenue attributable to increased earnings
from several power projects
    ** Brokerage Lake Street Capital Markets raises PT to $70
from $61, implying nearly a 42% upside to stock's last close
    ** "Argan should see increased activity over the next 12-24
months and we expect a cadence of new project awards" -
brokerage
    ** Including the session's gains, stock is up ~25% 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))