On September 2, Argan, Inc. (NYSE:AGX) reported strong results for its second quarter of fiscal year 2027. The company posted record revenue of $384 million, a gross margin of 19.3%, record net income of $53 million, and record adjusted EBITDA of $70 million.
Following the strong results, Freedom Broker upgraded its rating on the stock from Hold to Buy with a price target of $700. ****** yst Sergey Glinyanov noted that Argan, Inc.'s (NYSE:AGX) results showed strong execution across major Power projects. Over the last twelve months, the company has delivered strong revenue growth of 29%.
Argan, Inc. (NYSE:AGX) also has an impressive project backlog to support future revenue. As of July 31, 2026, consolidated project backlog stood at approximately $2.5 billion. While this was down from roughly $2.9 billion as of January 31, 2026, the backlog still provides a significant base for future revenue.
The company expects to add several projects over the next 7 to 15 months. Future performance could benefit from ramp-up of gas-fired projects and new contract awards.
"We maintain our $700 target price for AGX and upgrade the rating from Hold to Buy, reflecting the emerging upside potential," Glinyanov wrote.

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