Needham & Company Reiterates a 'Buy' on Echelon (ELON); Long-Term Thesis Intact Despite Concerns
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Price: $2.26 --0%
Rating Summary:
3 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ELON Now!
Needham & Company reiterates a 'Buy' on Echelon (NASDAQ: ELON) price target lowered from $9 to $7.
Analyst, Sean H.K. Hannan, said, "Overall, we believe Echelon continues to have a solid long-term strategy as the company’s business looks on track to shift toward a stronger contribution of higher-margin business in 2013 through key relationships with Holley Metering and ELO (both N/R). In the near to medium term, concerns within the macro environment appear to be delaying (not canceling) a number of smaller deals in multiple geographies. With Duke and Fortum (both N/R) still providing a solid anchor to revenues in ’12 and ’13, we remain optimistic ELON can weather the storm through what has now become a transition period."
FY12 EPS estimate cut from $0.05 to (0.06) and FY13 from $0.11 to $0.04.
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 $4.27 yesterday, with a 52 week range of $3.99-$10.72.
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Analyst, Sean H.K. Hannan, said, "Overall, we believe Echelon continues to have a solid long-term strategy as the company’s business looks on track to shift toward a stronger contribution of higher-margin business in 2013 through key relationships with Holley Metering and ELO (both N/R). In the near to medium term, concerns within the macro environment appear to be delaying (not canceling) a number of smaller deals in multiple geographies. With Duke and Fortum (both N/R) still providing a solid anchor to revenues in ’12 and ’13, we remain optimistic ELON can weather the storm through what has now become a transition period."
FY12 EPS estimate cut from $0.05 to (0.06) and FY13 from $0.11 to $0.04.
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 $4.27 yesterday, with a 52 week range of $3.99-$10.72.
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