Echelon (ELON) issued a press release today saying that its networked street lighting systems are experiencing rapid adoption in the China market allowing municipalities to decrease their lighting budget while increasing reliability and efficiency. It’s estimated that 40% of a city’s energy budget goes to street lighting so it’s increasingly becoming a focus for local governments.
Echelon (ELON) has released a new open software platform for intelligent distributed control and a series of new products for the smart grid and Duke Energy (DUK) is first in line to purchase the Edge Control Node 7000 Series running the Echelon Control System software. Field trial deployments are expected to begin by the end of the year with production units expected to ship in about a year. The initial order is valued at around … Read the rest
Piper Jaffray has resumed coverage of a few smart grid stocks according to Street Insider.
Comverge (COMV) at Overweight and $12 price target. “We believe Comverge’s diversified demand response platform, and growing presence in the commercial & industrial (C&I) segment, will result in significant revenue growth over the next 2 years with a healthy profitability inflection point being reached in 2H11.” ===> Click Here For A Free Comverge Technical Analysis
Several analyst rating changes to tell you about this morning. Hat tip to Street Insider for the analyst commentary.
Needham & Company reiterated a Buy on Echelon Corp (ELON), but lowered the price target from $11 to $10. “While uncertainty remains on the pace of uptake at utilities exploring AMI solutions as well as at current customers such as Duke, we continue to believe that Echelon has a solid technology offering that not only addresses … Read the rest
Echelon (ELON) has a long way to go to get to profitability, but it reported a decent quarter beating analyst estimates by a wide margin on the EPS side. It reported a loss of .09/share which was .15 better than analyst expectations on revenues that were a bit better than analyst expectations at $27 million (analysts expected $25.5 million). Those numbers are improvements both sequentially and quarter over quarter and that’s exactly what you want … Read the rest
Echelon (ELON) and Convergys (CVG) have announced a collaboration to develop next generation billing solutions for the smart grid. The goal is to allow customers to pass energy usage data from Echelon’s real time system to Convergys real time customer relationship and billing system so they can see how much they’re spending in real time, allowing them to make adjustments for greater energy efficiency.
Argus-Spectrum, a leading Russian company specializing in fire and security systems, will use Echelon’s (ELON) LonWorks system for its line of monitoring services, enabling the company to use existing infrastructure while providing better reliability.
LonWorks is an underlying networking technology that communicates over existing power lines, connecting products such as air conditioning, smoke detectors and intrusion prevention.
Another wild day and I’m busy watching the market and getting behind on green stocks updates! Lots of analyst rating changes today..
Wunderlich Securities upgraded MEMC Electronic Materials (WFR) from Hold to Buy. Shares of WFR of doing a decent job of holding all time lows despite being hammered after earnings and during yesterday’s market crash. Get a Free WFR trend analysis here.
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Craig-Hallum downgrades Fuel Systems Solutions (FSYS) Buy to Accumulate and slashed … Read the rest
Today reminds me why I don’t particularly enjoy earnings season.. it’s a heckuvva lotta work keeping up! Echelon (ELON) reported today too and beat Wall St estimates by a decent margin. They reported a non GAAP loss of .18/share on revenues of $18.1 million. While that beat estimates of -.33/share on revenues of $16.37 million, it’s basically a flat quarter over the year ago quarter.
The company is issuing guidance. They see revs at $24 … Read the rest
You knew the downgrades were coming on Echelon (ELON) after yesterday’s very weak guidance and Piper Jaffray is one. The firm is downgrading the stock to Neutral and lowering the price target to $8 from $11. Hat tip to Street Insider for the following analyst comment:
“We downgrade shares of ELON to Underweight following disappointing 2010 guidance, continued lack of revenue visibility, and pushout of profitability. ELON beat on the top and bottom line with … Read the rest
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