UPDATE: Jefferies Downgrades Echelon at Hold on Lack of 2013 Visibility

Jefferies reduced its rating on Echelon

from Buy to Hold and lowered its price target from $8 to $4. Jefferies sayid, "Following guidance for a sharp seq q/q decline in rev, we reduce 2013 rev for flat y/y growth and downgrade shares of ELON to Hold from Buy and lower our PT to $4 from $8. We don't believe the company will be able to secure sufficient orders in the near-term to provide visibility into 2013." Echelon closed at $3.49 on Tuesday.