UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Energy Recovery
In a report published Monday, Jefferies & Company reiterated its Hold rating on Energy Recovery (NASDAQ: ERII), and raised its price target from $2.60 to $3.00.
Jefferies noted, “Q3 results were $0.01 below our forecast, mostly due to higher marketing investments. We still expect 2013E to be near breakeven, and now forecast $0.35 in EPS by 2016E assuming the company can leverage differentiated technology, core end markets recovering, and share gains in adjacencies. With 1H13 likely to present a better entry point, we reiterate our Hold rating.”
Energy Recovery closed on Friday at $2.83.
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