UPDATE: Jefferies Lowers PT on EnerNOC to $21

Jefferies is out with its report today on EnerNOC

, 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.