Alliance Global Partners notes Eco Wave Power (WAVE) announced that it has signed a memorandum of understanding with Bharat Petroleum Corporation Limited, a government-owned Fortune 500 oil and gas company with a market cap of about $12B. This MOU represents the first potential opportunity in India for the company, which is an encouraging development, in the firm’s view. Alliance Global Partners believe the fact that the MOU is with a large and established counterparty in the country that has local knowledge and relationships to push projects forward is also a positive. The firm has a Buy rating on the shares with a price target of $14.
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