Dougherty & Co Upgrades Echelon (ELON) to Buy; Broadening Utility Customer Base and Potential for Upside

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May 6, 2011 9:30 AM EDT
Get Alerts ELON Hot Sheet
Price: $21.88 --0%

Rating Summary:
    4 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 14 | New: 11
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Dougherty & Co upgraded Echelon (NASDAQ: ELON) from Neutral to Buy. PT increased from $10 to $12.

Dougherty analyst says, "We increased our multiple from 2.0x FY12 EV/S based on the company’s broader utility customer base, increasing global opportunities, and potential for upside. The company’s new strategy to aggressively pursue sales (see note dated February 11, 2011) appears to be working. We continue to believe ELON can reach pro forma profitability in FY12. Our model calls for a pro forma profit of $0.02, which may prove conservative."

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

Shares of Echelon closed at $8.80 yesterday.

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