Canaccord Genuity on Sustainability & CleanTech - Energy & Power Technologies: Smart Grid: Our DistribuTECH Preview
Canaccord Genuity on Sustainability & CleanTech -- Energy & Power Technologies: Smart Grid -- what's on sale in San Antonio: our DistribuTECH preview
Analyst, John Quealy, said, "Smart Grid -- what's on sale in San Antonio: our DistribuTECH preview Next week, we are headed to North America’s largest Smart Grid trade show, DistribuTECH, being held in San Antonio, Texas, from January 24-26. Here, we offer some of our macro and public company-focused thoughts heading into the event."
"In short, expectations remain subdued (at least qualitatively) for the group entering 2012, as economic weakness remains an overhang in North America/Europe and election year politics, regulatory dynamics and consumer scrutiny have combined to constrain the emergence of large-scale smart meter project activity, keeping public equity values deeply depressed for the most part. Interestingly, strategic investors do not appear to share that sentiment (at least for certain companies) as a number of friendly and hostile acquisitions have recently been unveiled. Technological strength, channel presence, growth trajectories and cash generation capabilities determine the attractiveness of the target and keep us bullish on select names."
"For bellweather Itron (NASDAQ: ITRI)(BUY), we find the investor focus to be on the’12-’13 outlook (underlying book/burn business more flattish into ‘13 is our initial view) while contemplating when and how the company considers a sizable acquisition given the balance sheet flexibility, even as realignment activities progress."
"In somewhat of a contrast, changes are just getting underway at Elster (NYSE: ELT)(BUY), as recent management movements and plant curtailments (at least in the US) provide fresh evidence of the company’s restructuring plans outlined in the November analyst day."
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