Janney Montgomery Scott Initiates Energy Recovery (ERII) with a Neutral
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Janney Montgomery Scott initiates coverage on Energy Recovery (NASDAQ: ERII) with a Neutral rating and $9 fair value estimate.
The firm said, "Despite recent retrenchment from its highs, ERI remains one of the few successful IPOs this year, illustrating investor appetite for high-growth stories with a ‘clean tech’ twist. ERI has developed a unique device that reduces energy costs for desalination plants. It has been able to take market share with its elegantly designed, cost-effective, and reliable technology, generating revenue growth much higher than the growth rate of the broader desalination market. However, ERI also faces competitive and execution risks as it continues its rapid expansion plan, as well as quarterly earnings volatility. We like this story very much, but we believe the shares are fully valued, leaving little room for any misstep."
Energy Recovery, Inc. manufactures and markets seawater desalination products. The company was founded in 1992 and is based in San Leandro, California.
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