Canaccord Adams Joins Jefferies In EnerNoc (ENOC) Buy Ratings

Earlier this morning, Jefferies upgraded EnerNoc (ENOC) from Hold to Buy following its strong earnings report last night.  Canaccord Adams is positive on the company as well, reiterating its Buy rating on the company and raising the price target from $28 to $32.

Hat tip to for the following analyst note:

“Strong execution across the board, as better-than-expected MW additions and expense control drove the significant top-/bottom-line beat. Looking ahead, with gross margins expected to stabilize at current run rates (42%+) in H2/09 and 1,100 MWs added through Q2, newly raised C2009 revenue/EPS guidance appears very achievable in our view given near-complete revenue visibility…Longer term, we find the higher margin, software-as-a-service (SaaS) business model attractive, as Q3/09E imputed operating margins (higher teens) could still benefit from additional applications in future periods…Our C2009 revenue/EPS estimates get revised to $176.8M/$(0.86) from $163.4M/$(1.04). Our C2010 estimates remain intact at $230M/$0.08.”

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