Needham & Company Reiterates a 'Buy' on Comverge (COMV); Results In-Line With Pre-Announcement; Outlook Still Lacks Earnings, But Growth Remains

Needham & Company reiterates a 'Buy' on Comverge (NASDAQ: COMV), but lowered price target from $7 to $5.

Needham analyst says, "We remain encouraged by COMV’s continued top-line growth and improving transparency. Further, as COMV focuses on tightening its costs, improving efficiencies and solving financing needs to support this growth, we expect investors to be rewarded in the long run."

"Our prior 3Q est. of $52M and +$0.03 is now $47M and $0.14 GAAP loss (or, -$0.09 cash). Our 2011 est. now $139M & $0.74 GAAP loss, vs. prior $145.1M & $0.57 loss. Our 2012 est. of $170M & $0.27 loss assumes ~15% legacy growth + ~$10M from intl."

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

Shares of Comverge closed at $2.17 yesterday.

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