Jefferies Has Buy On Echelon

Jefferies & Co. is out with a research report on Echelon (NASDAQ: ELON) and it has a $11 price target and a Buy rating on shares.

In a note to clients, Jefferies & Co. writes, "ELON delivered a strong 2Q, exceeding our EPS estimates. Even more importantly, the company increased FY11 revenue guidance to growth of 35-40% from prior guidance of 20-30%. 2Q revenue was $43.7M, modestly above our $43.1M est. while the company achieved GAAP breakeven on better margins and lower opex. We believe the results reflect solid execution on sales and cost control, putting ELON on the right track."

Shares of ELON lost 17 cents yesterday to close at $7.93.