Piper Jaffray Reiterates Neutral Rating on EnerNOC (ENOC)

Piper Jaffray is out with a research report this morning, where it reiterates its Neutral rating on EnerNOC Inc. (NASDAQ: ENOC); it has a $35.00 price target on the stock.

The PJ analysts noted that they are incrementally more confident in their second half 2010 estimates after hosting an investor meeting with company management this week.

They noted that visibility, by nature of the business model, is high and a significant uptick in heat-driven events could provide upside to their third quarter estimates.

The PJ analysts are also optimistic that EnerNOC's EnergySmart analytical system presents a needle-moving, high-margin growth driver over the next several years. They noted concerns, however, about the need to drive significant volume growth in the PJM region in 2011 to offset sharp price contraction. Thus leaving the stock Neutral rated.