Energy Recovery price target lowered to $26 from $31 at Evercore ISI

Evercore ISI analyst Jason Bandel lowered the firm’s price target on Energy Recovery to $26 from $31 and keeps an Outperform rating on the shares. The stock price had been under pressure since late July, and the timing of a leadership transition announcement during its quiet period “did not help,” but interim CEO David Moon restored confidence by stating his strong belief in the current strategy and confirming no major changes to the executive team, the analyst tells investors. The firm, which expects the search for a permanent CEO will conclude by the end of the first quarter, reiterates its Outperform rating on the shares.