Canaccord Genuity on Sustainability & CleanTech -- Energy & Power Technologies: Smart Grip Sept Quarter Preview
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Price: $21.88 --0%
Rating Summary:
4 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
4 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity on Sustainability & CleanTech -- Energy & Power Technologies
Canaccord analyst, John Quealy, said, "Not surprisingly, Street sentiment remains subdued across the smart grid space, as macro economic weakness and limited order visibility dampen conviction surrounding earnings prospects. Consequently, we adjust price targets across the Group while acknowledging that our individual ’12 estimates are at various degrees of risk post-quarter. That said, near- to mid-term catalysts (including European deals), solid balance sheets and the muchanticipated “reset” at bellwether Itron help to support our constructive sector view here."
Echelon Corp (Nasdaq: ELON)(HOLD): Existing AMI deployments (Duke, Fortum,
SEAS, NRGi) should help support the quarter. While commercial products (incl. street lighting) have shown real nice trends, we expect focus to be on GM% improvement given the Jabil (NYSE: JBL) cost headwinds. Our price target gets revised to $10 (from $11).
Elster Group (NYSE: ELT)(BUY): We expect an in-line quarter, but acknowledge headwinds in Water given commodity and US municipal concerns. That said, Gas likely continues to be a source of strength, while the company looks to be well positioned for potential int’l smart metering order flow in the ’12 timeframe. A catalyst looms for the first-ever analyst day to be held Nov 18 in NYC. Target to $19 (from $20).
EnerNOC (Nasdaq: ENOC)(BUY): After a brutal YTD share performance, the
Street looks past the seasonally strong Q3 report as PJM and related regulatory concerns continue to weigh on shares. A potential resolution of the PJM compensation debate could come any day (i.e.., Nov. 7) and should help de-risk the story and bring improved clarity to the out-year P&L. We adjust our price target to $14 (from $22).
ESCO Technologies (NYSE: ESE)(HOLD): We expect another solid performance
out of Test and Filtration while USG faces tough y/y comps given the roll-off of PG&E and NYC. Eyes are looking more favorably toward ’13 given the SoCal Gas deployment, yet we acknowledge heightened risk in California projects. Our target goes to $33 (from $39).
Itron (Nasdaq: ITRI)(BUY): While the return of LeRoy Nosbaum as CEO continues to be the prominent headline, we find investor focus centered on the core message itself – the realignment of corporate strategy, outlook (’12 first and foremost) timing/magnitude of reorg. charges, and the direction/scale of potential M&A, among other topics. We adjust our price target to $50 (from $80).
Canaccord analyst, John Quealy, said, "Not surprisingly, Street sentiment remains subdued across the smart grid space, as macro economic weakness and limited order visibility dampen conviction surrounding earnings prospects. Consequently, we adjust price targets across the Group while acknowledging that our individual ’12 estimates are at various degrees of risk post-quarter. That said, near- to mid-term catalysts (including European deals), solid balance sheets and the muchanticipated “reset” at bellwether Itron help to support our constructive sector view here."
Echelon Corp (Nasdaq: ELON)(HOLD): Existing AMI deployments (Duke, Fortum,
SEAS, NRGi) should help support the quarter. While commercial products (incl. street lighting) have shown real nice trends, we expect focus to be on GM% improvement given the Jabil (NYSE: JBL) cost headwinds. Our price target gets revised to $10 (from $11).
Elster Group (NYSE: ELT)(BUY): We expect an in-line quarter, but acknowledge headwinds in Water given commodity and US municipal concerns. That said, Gas likely continues to be a source of strength, while the company looks to be well positioned for potential int’l smart metering order flow in the ’12 timeframe. A catalyst looms for the first-ever analyst day to be held Nov 18 in NYC. Target to $19 (from $20).
EnerNOC (Nasdaq: ENOC)(BUY): After a brutal YTD share performance, the
Street looks past the seasonally strong Q3 report as PJM and related regulatory concerns continue to weigh on shares. A potential resolution of the PJM compensation debate could come any day (i.e.., Nov. 7) and should help de-risk the story and bring improved clarity to the out-year P&L. We adjust our price target to $14 (from $22).
ESCO Technologies (NYSE: ESE)(HOLD): We expect another solid performance
out of Test and Filtration while USG faces tough y/y comps given the roll-off of PG&E and NYC. Eyes are looking more favorably toward ’13 given the SoCal Gas deployment, yet we acknowledge heightened risk in California projects. Our target goes to $33 (from $39).
Itron (Nasdaq: ITRI)(BUY): While the return of LeRoy Nosbaum as CEO continues to be the prominent headline, we find investor focus centered on the core message itself – the realignment of corporate strategy, outlook (’12 first and foremost) timing/magnitude of reorg. charges, and the direction/scale of potential M&A, among other topics. We adjust our price target to $50 (from $80).
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