Wedbush Downgrades Echelon (ELON) to Neutral; Duke Contract Loss Lowering Visibility
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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
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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Wedbush downgraded Echelon (NASDAQ: ELON) from Outperform to Neutral, price target cut from $16 to $7.
Wedbush analyst says, "Downgrading Echelon on the cancellation of the Duke ECN contract, providing firm evidence that, outside of Ohio, Duke plans no further near-term implementation of Echelon Smart Meters. Echelon announced that Duke cancelled the $14.5m contract for Edge Control Nodes (ECN) that was announced in Sept 2010. Management states that while Duke completed successful product trials, the utility has no near-term plans for a wide-scale Smart Meter rollout, so it will not need the ECN product."
"Lowering estimates for 4Q11 guidance and loss of the Duke ECN contract. 4Q11 guidance for rev/EPS of $39m-$41m/($0.04)-($0.07) compares to our $43.9m/($0.06) and the $39.1m/($0.11) consensus."
For more ratings news on Echelon click here and for the rating history of Echelon click here.
Shares of Echelon closed at $7.07 yesterday.
Wedbush analyst says, "Downgrading Echelon on the cancellation of the Duke ECN contract, providing firm evidence that, outside of Ohio, Duke plans no further near-term implementation of Echelon Smart Meters. Echelon announced that Duke cancelled the $14.5m contract for Edge Control Nodes (ECN) that was announced in Sept 2010. Management states that while Duke completed successful product trials, the utility has no near-term plans for a wide-scale Smart Meter rollout, so it will not need the ECN product."
"Lowering estimates for 4Q11 guidance and loss of the Duke ECN contract. 4Q11 guidance for rev/EPS of $39m-$41m/($0.04)-($0.07) compares to our $43.9m/($0.06) and the $39.1m/($0.11) consensus."
For more ratings news on Echelon click here and for the rating history of Echelon click here.
Shares of Echelon closed at $7.07 yesterday.
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