UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on EnerNOC on Multiple Concerns

In a report published Monday, Credit Suisse analyst Patrick Jobin reiterated a Neutral rating on

, but lowered the price target from $23.00 to $20.00. In the report, Credit Suisse noted, “We are concerned continued regulatory uncertainty with FERC & PJM will keep a lid on any possible multiple expansion: Two lingering regulatory issues – (1) a challenge to FERC's authority to regulate Demand Response, potentially including capacity markets, and (2) closing the ability to profit from PJM's Incremental Auctions - are likely to keep a lid on multiple expansion, in our view. Following the court's decision to vacate FERC Order 745 on May 23 and FERC's ruling on rule changes in PJM on May 9, we lower our Target Price to $20 (from $23) reflecting 7x 2014 EBITDA. We believe a discounted multiple is warranted given the increased uncertainty and risks posed by both developments. We also adjust our 2014/2015/2016 estimates to $0.43/$0.78/$0.69 from $0.48/$0.94/$1.35 following model updates from Q1 and guidance reflecting recent acquisitions.” EnerNOC closed on Friday at $19.19.