Needham Initiates Coverage On EnerNOC (ENOC) With Buy: Demand Response Leader

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08:49:43 am on July 14, 2010

Needham has initiated coverage on EnerNOC (ENOC) this morning with a Buy rating and $37 price target.  Hat tip to Street Insider for the analyst comment.

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“EnerNOC holds the top position among Demand Response (DR) providers in addition to a commanding lead in the C&I space, that appears poised to improve even more in coming years. Further, the company’s technology is industry-leading, provides a scalable platform and can be leveraged a number of ways to drive opportunities. While utilities slowly move forward laying the infrastructure to enable a smart grid, advanced demand response solutions from companies such as ENOC offer clean and economically valuable energy efficiency solutions today. We remain of the opinion that winners in DR will be the companies operating at scale, with strong technology platforms, and strong balance sheets (to aid open market efforts).”

Shares of ENOC are flat today, but remain one of the most bullish green stocks around, having recently broken out of a cup with handle base and trading up around 52 week highs.  

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