Argan is starting to convert its large pipeline with the signing of an engineering, procurement and construction contract yesterday for the Chickahominy Power Station, a 1,600 MW station that is the largest plant in the company's history, Lake Street analyst Robert Brown tells investors in a research note. The analyst expects additional new contract wins in the near-term to be a catalyst for the shares. The stock at current levels is giving little credit for the conversion of the pending pipeline, Brown contends. He keeps a Buy rating on Argan with a $56 price target.