Needham & Company is reiterating its Buy rating on Comverge (COMV) and price target of $14 after the company reported earnings last night. Hat tip to Street Insider for the analyst comments.
“We continue to view Comverge’s momentum in US residential (along with its improving presence in C&I) as vital to maintaining its position among the elite in the evolving demand response space. Further, we hold a positive view of the company’s growing turnkey business and believe it to be strategically well aligned with many utility preferences to take ownership of assets and recoup costs in the rate base.” Shares of COMV are trading down about 6% today, but have improved technically in recent days. There is now significant support around the $8 level and the pull back over the last 4 days may present a nice opportunity.
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Wells Fargo initiates coverage on the leading demand response play EnerNOC (ENOC) with an Outperform rating.
“We are initiating coverage on industry-leading demand response provider EnerNOC with an Outperform rating. We believe the growth story can fare well in a tough economy and earnings/cash flow generation are becoming more visible after years of investment. The big overhang is valuation on EPS, but we see upside potential on a DCF basis.” Shares of ENOC are trading up about 2% today and look quite bullish after breaking out above 32.41 a few weeks ago.