ERII - Energy Recovery soars to all-time high as B. Riley says Buy sets Street-high PT
2023-06-27 15:55:01 ET
Energy Recovery ( NASDAQ: ERII ) +9% in Tuesday's trading to an all-time high $29.59 after B. Riley Securities maintained its Buy rating and raised its price target to a Street-high $32 from $28, saying "continued positive updates around CO2 refrigeration will be key for investor confidence in the opportunity, which appears to be quite real and compelling."
The designer and manufacturer of energy recovery solutions that make commercial and industrial processes more efficient and sustainable is poised to maintain its dominance in the desalination market and use its proprietary technology to penetrate the CO2 refrigeration market, analyst Ryan Pfingst wrote.
B. Riley also started coverage of Montauk Renewables ( MNTK ) with a Neutral rating, believing the renewable natural gas industry will continue to see tailwinds over the next several years, but it is cautious on Montauk at current levels given slower expected growth than peers.
More on Energy Recovery:
Financial and valuation comparison to sector peers
- Analysis: Energy Recovery: A Lot Of Pressure To Justify The Valuation
- Stock price return: Up 31% YTD, up 40% in the past 12 months
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Energy Recovery soars to all-time high as B. Riley says Buy, sets Street-high PT