Cantor Fitzgerald Reiterates Buy Rating on Echelon Corp. (ELON)
Cantor Fitzgerald is out with a research report this morning, where it reiterates its Buy rating on Echelon Corp. (NASDAQ: ELON); is has a price target of $16.00.
The Cantor analysts said that the company’s announcement that Ron Sege will become the President and CEO, the result of a search that began in November of 2009, is a “very positive” development for the company.
The analysts expect that Mr. Sege will move quickly to take advantage of the technical advantages that Echelon products offer the market.
The Cantor analysts said, “While we have been expecting the shares to be range bound, these positive developments could serve a catalyst to reintroduce the company to investors. We continue to expect positive news flow and improving fundamentals in the second half of 2010 and 2011; we are maintaining our BUY recommendation.”
