Piper Jaffray Reiterates Overweight, $13 Target on EnerNOC
Piper Jaffray maintains its Overweight rating and $13 target price on EnerNOC (NASDAQ: ENOC) as FERC ruling likely removes the last overhang for the stock.
Piper Jaffray says, "The Federal Energy Regulatory Commission (FERC) has accepted PJM's proposal for an interim compensation mechanism for demand response providers, likely removing overhang from ENOC stock. ENOC has already pre-empted Friday's FERC ruling, by revising guidance through 2013 assuming PJM's proposals are accepted. Thus, we do not expect any more downside to guidance when ENOC reports Monday evening."
ENOC closed at $9.66 a share on Friday.
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