Needham & Company Reiterates Buy on Echelon (ELON) But Cuts Price Target

Today Needham & Company reiterated a Buy rating on Echelon (NASDAQ: ELON) but cut the price target to $5.00 (from $7.00).

"While ELON is facing the tail of its Duke and Fortum deployments and AMI adoption continues to be choppy in much of Europe, Russia and other geographies (which we suspect will ultimately materialize), we believe ELON continues to have a solid technology portfolio and long-term strategy, said analyst Sean K.F. Hannan.

"As we look to 2013, we expect the company’s evolving components and subsystems strategy to provide beneficial structural tailwinds that put it back on the path toward profitability," he added.

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

Shares of Echelon closed at $3.49 yesterday.

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