Analyst Comments

Canaccord Adams maintains 'Buy' on ICF International (Nasdaq: ICFI), price target increased $34.

Canaccord analyst says, "Once again, ICF demonstrated the strength and consistency of its business despite the overall weakness in the economy. Most notably, the company’s organic revenue growth was 14.1%, up from the prior quarter’s 9.2%, due to gains in federal business and energy efficiency programs, as well as an increase in the firm’s commercial transportation business. At the end of Q3, backlog was up by $200M to $1.4 billion, including funded backlog of $556M (38.8% of the total). Management guided for Q4/09 revenue of $165-$170M and EPS of $0.30-$0.33. For 2010, the company guided for revenue of $715-$750M and EBITDA margins of 9-10%. Because these forecasts are in line with our prior estimates, we make no changes to revenue or EPS forecasts...Given the consistency and visibility of ICF’s business, we feel a higher EV/EBITDA multiple is appropriate when valuing the stock. We therefore increase our price target to $34 (from $32), which is based on 10x EV/2010E EBITDA (up from 9.5x previously)."

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Canaccord Adams maintains a 'Buy' on Fuel Systems Solutions (Nasdaq: FSYS), price target increased from $40 to $48.

Canaccord analyst says, "Incrementally positive. Delayed OEM (DOEM) momentum continues unabated (vehicle throughput +25% Q/Q), more than offsetting expected weakness in Industrial. The strength translated into higher guidance for the second consecutive quarter...The leverage in the model is clearly impressive, as DOEM volumes drove GM% and OM% up 290bps and 640bps Q/Q, respectively. Looking into Q1/10, DOEM visibility likely drives the continued financial outperformance, with volumes anticipated to stay strong, as Italy is widely expected to continue its cash for clunkers program in 2010. In addition, we find a healthy Teleflex contribution, early US vehicle fleet activity and heightened NAT GAS Act chatter and geographic diversification efforts within DOEM (Germany, Poland, etc.) keeping our fundamental outlook positive moving into the new year."

"We maintain our BUY rating while raising our price target to $48 from $40. Our 2009 estimates go to $423.6M/$2.37 from $378.4M/$1.65, while our 2010 estimates get upwardly revised to$475.0M/$2.70 from $438M/$1.90. Importantly, we do assume an extension of the Italian cash for clunkers scheme in 2010 at similar terms, an expectation that needs to be confirmed moving into early 2010."
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Canaccord Adams reiterates a 'Buy' rating on EnerNOC (Nasdaq: ENOC), raises price target to $40.

Canaccord analysts says, "EnerNOC’s management team delivered on its promise of significant leverage in the business model, driving Q3 revenues to $100M+, generating 50% GMs, 25% OMs (~$13M in cash from ops) and $1.12 in GAAP EPS – all well above expectations. As expected, capacity contracts in PJM region carried the upside, comprising 73% of quarterly revenues, as EnerNOC’s aggressive market share gains over the last two years clearly paid off. MW adds were 100, in keeping with seasonal selling patterns. Importantly, the company announced its early entrance into the European demand response market with National Grid, one of the UK’s largest grid operators (and an existing customer in the US). The opportunity for conservation and DR is appealing, with ~63,000 MW of peak demand in that country, with minimal existing DR penetration. Visibility remains very strong near term, as management focuses on accretive growth, with higher expectations (and spending) for energy management and recurring Software as a Service (Saas) business moving into 2010...We reiterate our BUY rating and increase our price target to $40 from $38. Our 2009 revenue/EPS estimates get revised to $186.9M/$(0.33) from $176.8M/$(0.77). Our 2010 estimates increase to $245.0M/$0.12 from $230M/$0.08."

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Canaccord Adams maintains a 'Buy' on Obagi Medical Products (Nasdaq: OMPI), raises price target from $16 to $17.50.

Canaccord analyst says, "Obagi Medical reported Q3/09 results with revenues of $24.9M and EPS of $0.14. Revenues fell below our estimate for $25.4M and consensus estimates for $25.3M, while EPS in the quarter were in line with expectations. Management offered guidance for the Q4/09, expecting revenues of $25M-$27M and EPS of $0.16-$0.18. Guidance was in line with current expectations...Seasonal weakness impacted product sales in the quarter; however, several sales
initiatives, new account growth, and strength from the international markets suggest that business is moving in the right direction for 2010...We are raising our price target on Obagi Medical to $17.50 from $16.00. Our price target is based on a 23.6x PE multiple applied to our 2010E EPS of $0.75."

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Canaccord Adams reiterates a 'Buy' on HeartWare International (Nasdaq: HTWR), raises price target to $42.

Canaccord analyst says, "Growth initiatives are gaining traction. 22 centers were participating in its BTT trial exiting Q3, and FDA approval was recently granted to expand to 40 sites; this compares to 16 implanting centers at the end of August. We believe the high number of new centers in just one month reflects management’s proactive stance to minimize the bureaucratic hurdles for centers to begin implanting (going from IRB approval to purchase authorization to training to implantation). In addition, we have long believed that HVAD’s compelling attributes, namely implantation in the pericardial space, would translate into strong demand for the device. Q3 results are, we believe, early evidence of this...Our 2009 revenue/EPS targets are $18M /$(2.34) from $14.4M/$(2.64). Our 2010 revenue/EPS targets are $32M (+75% Y/Y)/$(1.95) from $31M/$(2.01)...Upcoming catalysts: DT IDE to be filed in Q4/09E; completion of enrollment in the BTT trial (April ‘10E up from mid-‘10E) and start of the DT trial (April ‘10E up from mid-‘10E); presentation on OUS results at AHA; and THOR DT data (Nov. 17 at AHA)."

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