UPDATE: Wedbush Reiterates Neutral on Echelon; Lowers PT from $5 to $4
Wedbush reiterated a Neutral rating on Echelon Corp. (NASDAQ: ELON) and lowered its price target from $5 to $4.
Wedbush noted, “Echelon currently has strong AMI system sales opportunities in Norway, Germany and Russia, as well as15 trials sites with 6,000 meters installed in Brazil and 15,000 meters installed across various trial sites in China. Echelon's strong track record in the Norwegian market, with over 2.6 million customers and a mandate the 130 utilities have AMI systems installed by 2016 makes this market a focus.”
Echelon Corp. closed at $3.49 on Tuesday.
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