JPMorgan Initiates Coverage on Argan (AGX) with Neutral Rating Amid Energy Expansion

Argan, Inc. (NYSE:AGX) is one of the growth stocks that could double by 2027. On July 21, JPMorgan initiated coverage on AGX with a Neutral rating and a $220 price target, citing the company’s strong position in the engineering, procurement, and construction (EPC) space through its Gemma subsidiary.

The firm sees Argan as a key player in the anticipated multi-year buildout of U.S. gas power plants, which is expected to drive the bulk of its growth. Argan’s exposure to solar-plus-storage and industrial construction adds diversification, though JPMorgan notes recent volatility tied to AI data center themes. The bank suggests a more favorable outlook could emerge if the stock experiences a meaningful pullback from current levels.

Argan, Inc. (NYSE:AGX) delivers EPC and technical services for large-scale energy projects across the U.S., Ireland, and the U.K. Its operations span power generation, industrial construction, and telecom infrastructure, serving clients in sectors ranging from utilities and manufacturing to government and technology.

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Disclosure: None. This article is originally published at Insider Monkey.