Chardan Capital Markets Notes 'Highly Bullish' Development for Penny Stock Ener-Core (ENCR)

Chardan Capital Markets analyst James McIlree was out positive on Ener-Core (OTC: ENCR) after Dresser-Rand (NYSE: DRC) received a $12 million order from Pacific Ethanol (NASDAQ: PEIX) to install a 3.5 MW co-generation system with a gradual oxidizer at Pacific Ethanol’s Stockton, CA plant.

McIlree notes the system will comprise two 1.75 MW gas turbine generators with heat recovery steam generators and two gradual oxidizers that are manufactured by Ener-Core.

"This is a highly bullish development for the company," he said. "Our expectation is for Ener-Core to book $10 to $25 million in orders over the next 12 to 18 months and this order, this early in the year is very encouraging."

The firm reitrated a Buy rating and price target of $1.00 on ENCR

For an analyst ratings summary and ratings history on Ener-Core click here. For more ratings news on Ener-Core click here.

Shares of Ener-Core closed at $0.14 yesterday.

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