Argan Shares Drop 13.5% to $308.11

Written by Emily J. Thompson, Senior Investment Analyst

AGX+2.57%

Updated: Dec 05 2025

0mins

Argan is down -13.5%, or -$48.28 to $308.11.

AGX

$362.58+Infinity%1D

Analyst Views on AGX

Wall Street analysts forecast AGX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AGX is 365.25 USD with a low forecast of 325.00 USD and a high forecast of 397.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

4 Analyst Rating

2 Buy

2 Hold

0 Sell

Moderate Buy

Current: 353.500

Low

325.00

Averages

365.25

High

397.00

Current: 353.500

Low

325.00

Averages

365.25

High

397.00

Lake Street

Buy

Hold

downgrade

$260 -> $325

2025-12-05

Reason

Lake Street

Price Target

$260 -> $325

AI Analysis

2025-12-05

downgrade

Buy

Hold

Reason

Lake Street downgraded Argan to Hold from Buy with a price target of $325, up from $260. Argan is executing well with strong margins and a $3B backlog that provides visibility for the next two to three years, but shares are trading at a "top-tier valuation on peak estimates" that reflect strong execution, increased margins, and full activity on its current pipeline, the analyst tells investors.

GLJ Research

Hold

Buy

upgrade

$369

2025-11-10

Reason

GLJ Research

Price Target

$369

2025-11-10

upgrade

Hold

Buy

Reason

GLJ Research upgraded Argan to Buy from Hold with a $369 price target.

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GLJ Research

Hold

Buy

upgrade

$369

2025-11-10

Reason

GLJ Research

Price Target

$369

2025-11-10

upgrade

Hold

Buy

Reason

As previously reported, GLJ Research upgraded Argan (AGX) to Buy from Hold with a $369 price target. The firm notes Argan's Gemma Power Systems announced full notice to proceed on an 860MW gas-fired power plant will enter into Q3 2026 backlog. Conversations with Gemma's largest competitors lead GLJ to believe this project is Vistra's Monahans, Texas project - two GE Vernova (GEV) HA.02 turbines in simple cycle configuration. The firm cites the wake of a third gas generation announcement project vs. management's guidance towards two deals for the upgrade. GLJ believes the team at Gemma Power Systems is using regional cross-staffing to surpass previously communicated staffing limitations and it views Argan's localized scale in the accelerative Texas market as pivotal to earnings power beyond the Street as gas generation drives its 2027 topline revenue / EBITDA +31% / +61%.

Goldman Sachs

Ati Modak

initiated

$397

2025-11-10

Reason

Goldman Sachs

Ati Modak

Price Target

$397

2025-11-10

initiated

Reason

Goldman Sachs analyst Ati Modak initiated coverage of Argan with a Buy rating and $397 price target. Argan provides the best direct means of gaining exposure to the combined cycle gas power generation theme as the sole public pure-play Specialty Contractor within the space, the analyst tells investors in a research note. The firm adds that it sees potential for a 4-5 GW combined cycle gas turbine capacity additions per year through 2030, also noting that with Argan's continued focus on their strong balance sheet position, the stock represents the best way to gain exposure to the construction portion of the gas power generation theme.

About AGX

Argan, Inc. is a holding company. The Company is a construction firm that conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited and affiliates (APC), The Roberts Company, Inc. (TRC), and Southern Maryland Cable, Inc. (SMC). Through GPS and APC, its power industry services, it offers a suite of engineering, procurement, construction, commissioning, maintenance, project development and technical consulting services to the power generation market, including the renewable energy sector. Through TRC, the industrial construction services provide field services and project management that support new plant construction and additions, maintenance turnarounds, shutdowns and emergency mobilizations for industrial plants. Through SMC, its telecommunications infrastructure services provide project management, construction, installation and maintenance services to commercial, local government and federal government customers.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.