EnerNOC (ENOC) Shares Downgraded at Needham, Capstone Following Q4 Results
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Price: $7.65 --0%
Rating Summary:
1 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
Rating Summary:
1 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
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Shares of EnerNOC (Nasdaq: ENOC) were downgraded from Buy to Hold at Needham and from Hold to Sell at Capstone Tuesday morning. The Capstone analyst set a new $7 price target on the stock.
The lowered investment ratings follows Q4 results and guidance Monday after the market closed.
Needham comments, "We were surprised to see the FERC rule almost completely against ENOC (which the company learned officially this past Friday) in the yearlong battle with PJM (N/R) on the PLC/measurement debate. Clearly, the setback will hamper ENOC through 2013 in terms of profitability, particularly considering its current cost structure. We are also disappointed to see the departure of the company’s CFO in a scenario that is likely to cause at least another (although perhaps mild) management distraction. If there is some good buried in all the news, at least the big issues now seem to be behind, and management can engage customers with ‘known’ circumstances in the PJM territory in addition to preparing for notable growth in 2013. In light of all the developments, we now believe it may be prudent for investors to move to the sidelines as visible upside to shares appears limited. We suspect ENOC could see some support as it closed near book of $9.53/share (with $3.36/share in net cash)."
EnerNOC shares last traded at $8.48, down about 10 percent.
Visit our Analyst Ratings page to track all the market-moving analyst action on shares of EnerNOC.
The lowered investment ratings follows Q4 results and guidance Monday after the market closed.
Needham comments, "We were surprised to see the FERC rule almost completely against ENOC (which the company learned officially this past Friday) in the yearlong battle with PJM (N/R) on the PLC/measurement debate. Clearly, the setback will hamper ENOC through 2013 in terms of profitability, particularly considering its current cost structure. We are also disappointed to see the departure of the company’s CFO in a scenario that is likely to cause at least another (although perhaps mild) management distraction. If there is some good buried in all the news, at least the big issues now seem to be behind, and management can engage customers with ‘known’ circumstances in the PJM territory in addition to preparing for notable growth in 2013. In light of all the developments, we now believe it may be prudent for investors to move to the sidelines as visible upside to shares appears limited. We suspect ENOC could see some support as it closed near book of $9.53/share (with $3.36/share in net cash)."
EnerNOC shares last traded at $8.48, down about 10 percent.
Visit our Analyst Ratings page to track all the market-moving analyst action on shares of EnerNOC.
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