Energy Recovery price target lowered to $20 from $23 at Evercore ISI

Evercore ISI lowered the firm’s price target on Energy Recovery (ERII) to $20 from $23 and keeps an Outperform rating on the shares after management laid out its strategic plan across its three businesses, updated guidance for 2025 and 2026, set longer term 2029 financial targets, and announced a $50M buyback authorization. The company reiterated its prior 2024 guidance of $140M-$150M in revenue and revised its 2025 and 2026 revenue targets to $152M-$164M and $166M-$183M, respectively, the analyst noted.