Wednesday, October 27, 2010

Canaccord Genuity Starts Coverage on Echelon (Nasdaq:ELON)

Echelon Corporation (Nasdaq:ELON) is now being covered by Canaccord Genuity, with Canaccord saying they like the innovative history of the company.

"With a long history of innovation in building automation markets and a pioneering role on European Smart Grid projects, Echelon is uniquely positioned to capitalize on the convergence between energy management and control networking technologies," said Canaccord.

"While we find the strategy compelling, we look for signs of additional
traction as commercial real estate markets re-engage and domestic utilities begin to evaluate the NES platform in order to support a more favorable risk/reward at current levels."

Echelon closed Monday at $8.37, dropping $0.25, or 2.90 percent. Canaccord placed a target price of $10 on the company.

No comments: