Jefferies Initiating Coverage On Echelon (ELON)
Symbols: ELON
Tags: Jefferies & Co.
Jefferies & Co. is initiating coverage on Echelon (NASDAQ: ELON) with a Hold rating and $8.50 price target.
In a note to clients, Jefferies says a new product being launched on September 8 could be a catalyst to the stock. It believes the new product could be, "1) a platform
for distribution automation and transmission monitoring that could leverage Echelon's powerline capabilities; 2) an integrated LAN/WAN network solution; or 3) a communications solution for gas and water metering, which Echelon is currently unable to address with its PLC product."
Shares of ELON closed yesterday's session at $7.57.
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