Piper Jaffray Maintaining Neutral On Echelon Corporation (ELON)
Piper Jaffray is maintaining its Neutral rating on shares of Echelon Corporation (NASDAQ: ELON) after the company hosted an analyst's day yesterday. The company announced a new smart grid offering that targets intelligent distribution control. "The Echelon Control System (ECoS) provides utility customers with an inter-operable, application-ready network at the transformer level for intelligent distribution control."
In the research note, Piper Jaffray writes, "As we had expected, ELON shares have outperformed its smart grid peers recently since the hiring of permanent CEO replacement Ron Sege and in anticipation of this product launch. To continue this outperformance, we believe a firmer timeline toward ELON's profitability inflection point (which we estimate would be FY12 excluding stock compenstation) is still needed."
Shares of Echelon Corporation gained 10 cents to close at $8.51, a gain of 1.2%.
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