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Needham & Company Reiterates a 'Buy' on Echelon (ELON); Long-Term Thesis Intact Despite Concerns

May 10, 2012 8:35 AM EDT Send to a Friend
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Price: $2.75 --0%

Rating Summary:
    3 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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.




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