Jefferies Upgrades Energy Recovery (ERII) to Buy
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Jefferies upgraded Energy Recovery (NASDAQ: ERII) from Hold to Buy with a price target of $20.00 (from $8.00).
Analyst Laurence Alexander commented, "Over the past year Energy Recovery has finally started to deliver on our 2013 "triple thesis": high incremental margins, recovery in the core desalination market and validation of the broader theme of harvesting fluid pressure in high-pressure and toxic environments. Hitting key milestones for fraccing in 1H17 and chemical applications in 2017-2018 should materially lower the risk premium, driving another 50%+ step up. We upgrade to Buy from Hold."
Shares of Energy Recovery closed at $12.69 yesterday.
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