Clear Street Reiterates Buy Rating on Arq Despite Production Delays

Clear Street reiterated its Buy rating on Arq (ARQ) with a reduced price target of $8 from $9. The analyst cited Arq's new Granular Activated Carbon production line issues, which are expected to persist until mid-2026, leading to slower revenue forecasts for 2027. Arq reported Q3 2025 losses per share of $0.02 and revenue of $35 million, missing expectations by $0.04 and $0.6 million, respectively.