Needham & Company Upgrades EnerNOC (ENOC) to Buy; Healthy PJM Auction Results

May 22, 2012 7:13 AM EDT
Get Alerts ENOC Hot Sheet
Price: $5.75 -4.17%

Rating Summary:
    5 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Needham & Company upgraded EnerNOC (NASDAQ: ENOC) from Hold to Buy with a price target of $7.50.

Analyst, Sean H.K. Hannan, said, "Overall, we do not believe ENOC is another Comverge (now private) as the company has far more substantial scale, prior history of profitability, and healthier overall capitalization. Further, the recent 2015/16 PJM auction results demonstrate to us that the company is still well positioned to participate in capacity markets and demonstrate respectable growth. With the company’s stock down 47% YTD, trading well below book value, and with net cash representing 63%+ of market value (as expected free cash flow remains positive), we believe shares have already bottomed and should become more attractive to long-term investors."

"Our 2012 estimate now $257M & loss of $1.45 (vs. prior $268M & loss of $1.41). Our 2013 estimate now $370M & $0.05 (vs. prior $370M & $0.12)."

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

Shares of EnerNOC closed at $5.80 yesterday.

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