Dougherty Cuts Echelon (ELON) to Sell

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May 10, 2012 12:59 PM 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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An analyst at Dougherty & Co downgraded shares of Echelon (NASDAQ: ELON) from Neutral to Sell and reduced the firm's price target from $6.50 to $3.25.

The firm's Joe Maxa said he is "concerned sales to Duke ($8.1 million) and Telvent ($15.4 million), which accounted for 82% of systems revenue and 58% of total revenue in 1Q12, will be difficult to replace in 2H and FY13." Maxa also pointed out it has been three years since the company announced a "major contract."

Echelon reported better-than-expected Q1 results on Wednesday after the market closed.

Echelon shares last traded at $3.88, down about 9 percent for the session.

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

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