Needham & Company Downgrades Echelon (ELON) to Hold

February 7, 2014 6:21 AM EST
Get Alerts ELON Hot Sheet
Price: $4.54 --0%

Rating Summary:
    3 Buy, 10 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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Needham & Company downgraded Echelon (NASDAQ: ELON) from Buy to Hold following Q4 results.

"Overall, we are encouraged by longer-term opportunities in smart meter systems as well as ELON's IIoT traction, strategy and disciplined cost management during this transitional period," analyst Sean K.F. Hannan said. "In the big picture, we are optimistic about ELON's prospects with IIoT, but we now seek more tangible revenues that can truly drive profitable growth in the consolidated model (vs. providing just a positive offset to other challenged areas); this currently appears to be a C15 scenario at best. Thus with shares now beyond our target, we believe investors would be prudent to move to the sidelines as we seek tangible, meaningful momentum in the model."

March est. now $17M in revs. & -$0.09 ex. opt, vs. prior $16.5M & $0.07 loss. '14 now $83.8M & $0.19 loss vs. prior $82.8M & $0.14 loss. Establishing ’15 of $91M/$0.12 loss.

For an analyst ratings summary and ratings history on Echelon click here. For more ratings news on Echelon click here.

Shares of Echelon closed at $3.79 yesterday.

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