Wedbush Upgrades Energy Recovery (ERII) to Neutral

Wedbush's David Rose upgraded shares of Energy Recovery (NASDAQ: ERII) from Underperform to Neutral in an intraday research note Tuesday afternoon. The analyst's price target was lowered from $2.50 to $2.

Rose said, "While we do not expect a meaningful earnings recovery for some time, the worst appears to behind the company given the substantial organizational restructuring and recent awards." The analyst cited recent project wins over the last several weeks and believes these awards "should shore up its backlog for the remainder of the year."

For an analyst ratings summary and ratings history on Energy Recovery click here. For more ratings news on Energy Recovery click here.

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