Jefferies Cuts Price Targets on EnerNOC (ENOC) Following Conference Call

Jefferies is reaffirming its Hold rating on shares of EnerNOC (NASDAQ: ENOC) while lowering its price target from $16 to $11.

Share are currently trading near book value due to the lack of visibility and regulatory risks.

An analyst at the firm comments, "In our view, ENOC's quarterly call was modestly negative for sentiment, as significant uncertainty around the future business model remains and investors have few positive catalysts to look for."

The firm is tweaking its FY11 and FY12 EPS estimates from ($0.34) and ($0.92) to ($0.35) and ($0.88). Jefferies reiterated its FY13 estimate of $0.80.

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

Shares of EnerNOC closed at $9.80 yesterday.

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