Rodman & Renshaw Starts Tecogen (TGEN) at Buy
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Rodman & Renshaw initiated coverage on Tecogen (NASDAQ: TGEN) with a Buy rating and a price target of $6.00. Analyst Amit Dayal called the company a CHP growth story with an option on the auto emissions market.
"Tecogen Inc. (TGEN), designs and manufactures cogeneration products (generating both electricity and heat) that enable residential, commercial, and industrial customers to realize energy and cost savings of up to 50%. We believe TGEN is positioned to benefit from increased interest in CHP (combined heat and power) systems due to low natural gas prices and growing emphasis on energy security. The Department of Energy (DOE) and Environment Protection Agency (EPA) have forecast that by installing 40GW of new CHP capacity, U.S. businesses and industry could save $10B per year in energy costs," said Dayal.
Shares of Tecogen closed at $4.09 yesterday.
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