Energy Recovery price target raised to $32 from $28 at B. Riley

B. Riley analyst Ryan Pfingst raised the firm’s price target on Energy Recovery to $32 from $28 and keeps a Buy rating on the shares. The company continues to show progress toward meaningfully penetrating the CO2 refrigeration market, the analyst tells investors in a research note. The new target reflects a multiple that is roughly in line with Energy Recovery’s larger, diversified water treatment peers, which is justified given the company’s debt-free balance sheet, in addition to its expected revenue growth and “robust” EBITDA margins, says the firm.