Argan's stock surged 24.37% during intraday trading on Friday, following the release of its fourth-quarter financial results and a significant analyst upgrade.

The power plant builder reported quarterly earnings of $3.47 per share, beating the analyst consensus estimate of $1.96 per share. Quarterly sales reached $262.05 million, exceeding expectations of $255.315 million and representing a 12.7% increase from the same period last year.

JPMorgan upgraded Argan to Overweight from Neutral and raised its price target to $550 from $370, citing the strong quarterly report. The brokerage highlighted potential large project awards and a possible framework agreement with a key customer in fiscal year 2027 as positive catalysts. Other analysts, including Lake Street, also raised their price targets on the stock.