Canaccord Genuity Maintains a 'Buy' on Nexxus Lighting (NEXS); Slow Initial Sell Through in Consumer Channel, but L-T Lighting Thesis Remains

Canaccord Genuity maintains a 'Buy' on Nexxus Lighting (NASDAQ: NEXS) price target halved to $3.00.

Canaccord analyst, Jonathan Dorsheimer, said, "We maintain our BUY rating on NEXS shares as we believe the long-term trend of LED lighting adoption remains on track, despite slower-than-expected sell through in Nexxus’ new consumer channel."

"We are setting a price target of $3, down from $6, which is based off of 15x our new 2012 EPS estimate. We have reduced our estimates to take a more
conservative view on the ramp at Lowe’s (NYSE: LOW)."

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

Shares of Nexxus Lighting closed at $1.60 yesterday.

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