Canaccord Adams Reiterates EnerNOC (ENOC) Buy Rating

Canaccord Adams reiterated its Buy rating and $40 price target on EnerNOC (ENOC) this morning.  Hat tip to Street Insider for the following analyst comment:

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“With Street interest in the auction results elevated given the industry significance of the PJM market (currently ~50% of revenues), last Friday’s data reinforces our thesis of strong, secular growth in the demand response (DR) market, along with EnerNOC’s leadership position appearing very much intact. Specifically, DR MWs were up 30%+ Y/Y, while regional pricing improved 65%+ over the 2012/2013 auction. As background, PJM capacity auctions are held several years in advance of actually delivering the promised electricity or DR savings…We still find plenty of bilateral, open market and energy management opportunity before them.”

ENOC shares closed up about 3% today with good volume and are currently looking quite good technically, trading above both the 50 and 200 day moving averages.  A breakout move above 32.40 would be considerably bullish and provide me an entry signal. 

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