UPDATE: Piper Jaffray Lowers Price Target on Echelon to $5

According to Piper Jaffray, Echelon

price target is lowered to $5. Piper Jaffray said that it assumes coverage of ELON at Neutral, awaiting further execution on diversification of revenues. “We view ELON's partnership with top meter maker ELO of Brazil as an important step toward capturing significant opportunity. We also like the partnership with Holley Metering in China; however full deployments for both ELO and Holley likely start in 2013, so volume visibility likely remains murky near term. Thus, we remain cautious on the stock until we can see further execution outside of Duke.” Echelon closed yesterday at $4.96.