Jefferies is out with its report today on EnerNOC
ENOC, lowering its PT to $21 from $16.
In its report, Jefferies writes, "We value ENOC on 6x our CY13 EBITDA estimate of $59M ($79M net cash) to arrive at our PT of $16/share. Our target multiple is in line with independent power producers and is justified given ENOC's strength in C&I demand response offset by regulatory uncertainty."
Jefferies maintains Hold on ENOC.
Shares of ENOC closed Monday at $14.36, down 5.90% from Friday's close.
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