KeyBanc Downgrades EnerNOC (ENOC) to Hold; Difficult Near-Term Operating Environment

August 9, 2011 7:25 AM EDT
Get Alerts ENOC Hot Sheet
Price: $5.75 -1.71%

Rating Summary:
    5 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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KeyBanc downgraded EnerNOC (NASDAQ: ENOC) from Buy to Hold.

KeyBanc analyst says, "We remain optimistic about the Company's growth outlook in 2013 and 2014, but recommend investors wait on the sidelines given the difficult near-term business conditions and management's lack of visibility...We are significantly cutting our estimates to reflect the difficult near-term operating environment and the dilutive acquisition of Energy Response ($0.20-$0.25 in 2H11 and we estimate $0.10-$0.20 dilutive in 2012). Our estimates for 2013 are below management's guidance as we see significant risk to the implied net income contribution rate (37%)."

"We would look to become more constructive on shares at a lower valuation and/or in anticipation of: 1) a positive verdict from the FERC (Nov 7); 2) improved competitive pricing; and 3) non-PJM markets aggressively endorsing demand response."

For more ratings news on EnerNOC click here and for the rating history of EnerNOC click here.

Shares of EnerNOC closed at $14.36 yesterday.

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