PyroGenesis (PyroGenesis Stock Quote, Chart, News: TSXV:PYR) has a range of opportunities across multiple industries, says Mackie Research Capital analyst Raveel Afzaal. In a research update to clients this morning, Afzaal initiated coverage of PyroGenesis Canada with a "Speculative Buy" recommendation and a 12-month target price of $0.70 per share, implying a return of 126% at the time of publication. Afzaal says Pyro plasma based solutions are "cutting edge" and have very promise in the oil and gas industry, where it is conducting pilot tests with a large company. The analyst thinks this could lead to a long-term recurring revenue opportunity. The company has also sold two waste destruction systems built for aircraft carriers to the U.S. Navy for a total value of about $15 million. He believes selling to this level of client reflects favourably on the company. "We believe the fact that the U.S. Navy is PyroGenesis\u2019 repeat customer serves as a significant technology validation milestone for the company," says Afzaal. Afzaal is forecasting revenue of $9-million for PyroGenesis in fiscal 2015, a topline he thinks will climb to $17-million the following year. He thinks the company will generate Adjusted EBITDA of $0.4 million in 2015 and $4.7 million in 2016.