FBR Capital Reiterates Outperform Following Energy Recovery's (ERII) 2Q Call
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FBR Capital reiterated an Outperform rating on Energy Recovery (NASDAQ: ERII), and raised the price target to $16.00 (from $14.00), following the company's 2Q earnings report and conference call.
Analyst Thomas Curran commented, "Combined, we think ERII's 2Q16 results and call bolstered the company's multiyear bull case. Thus, we’re stepping up our price target from $14 to $16 to reflect a higher assessed probability of ERII’s ability to achieve (1) record Water earnings this global RO desal spending upcycle; and (2) both performance milestones in 2016 under its VorTeq commercialization agreement with SLB. Based on our analysis, we are effectively recognizing an extra $2 of the stock’s present long-term potential of $26, raising ERII’s probability of successful full VorTeq/IsoGen/IsoBoost commercialization from 54% to 62%, and our 2017 EV/EBITDA multiple assumption from 17.5x to 20.7x, versus a peer group average of 19.1x."
Shares of Energy Recovery closed at $11.98 yesterday.
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