UPDATE: Northland Capital Markets Starts PowerSecure (POWR) at Outperform

(Updated - September 9, 2014 8:44 AM EDT)

Northland Capital Markets initiated coverage on PowerSecure (NYSE: POWR) with an Outperform rating and a price target of $14.00.

Analyst Noah Kaye said, "We view POWR as a diversified play on improving the efficiency of electricity production, distribution, and consumption, with proprietary distributed generation technology that can capture arbitrage value in power markets."

"POWR operates a variety of unique businesses within the energy services space, although we see overlapping and cross-selling opportunities. Accordingly, we are valuing POWR’s three segments separately as a multiple of 2016 EBITDA. We apply a slight premium on the multiple for POWR’s Distributed Generation business, which we believe is justified given the company’s proprietary technology and know-how, while using the industry average for UI and EE segments, to yield our price target of $14," he added.

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

Shares of PowerSecure closed at $11.45 yesterday.

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