Wedbush Reiterates an 'Underperform' on EnerNOC (ENOC); Comverge (COMV) Buyout Agreement Suggests Substantial Downside
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Price: $7.65 --0%
Rating Summary:
1 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 6 | New: 4
Rating Summary:
1 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 6 | New: 4
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Wedbush reiterates an 'Underperform' on EnerNOC (NASDAQ: ENOC) price target of $5.00.
Analyst, Craig Irwin, said, "Comverge buyout agreement reinforces our view of substantial additional downside for EnerNOC. Comverge (Nasdaq: COMV) entered into an agreement to be acquired by HIG Capital for $49 million in cash, or $1.75 per share, with a 30-day period to obtain competing proposals from other parties. While we believe there is significant interest in Comverge’s assets, we view the offer at 0.82 times the company's 2012 consensus forecast gross profit of $60.2 million as a disappointing valuation. On this basis, EnerNOC would be worth $77.6 million, or $2.98 per share, on 2012 estimates."
"We are cautious on structural changes needed to EnerNOC’s business model, a commoditizing DR product, and the viability of the company’s Energy Management business."
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 $7.68 yesterday.
Analyst, Craig Irwin, said, "Comverge buyout agreement reinforces our view of substantial additional downside for EnerNOC. Comverge (Nasdaq: COMV) entered into an agreement to be acquired by HIG Capital for $49 million in cash, or $1.75 per share, with a 30-day period to obtain competing proposals from other parties. While we believe there is significant interest in Comverge’s assets, we view the offer at 0.82 times the company's 2012 consensus forecast gross profit of $60.2 million as a disappointing valuation. On this basis, EnerNOC would be worth $77.6 million, or $2.98 per share, on 2012 estimates."
"We are cautious on structural changes needed to EnerNOC’s business model, a commoditizing DR product, and the viability of the company’s Energy Management business."
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 $7.68 yesterday.
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