Oppenheimer Reiterates Outperform, $17 Target on Ameresco

Oppenheimer maintains its Outperform rating and $17 target price on Ameresco, Inc.

on pipeline-driven growth prospects and presidential memorandum on ESPCs. Oppenheimer says, “Incrementally, we believe Obama's Presidential Memorandum (12/2/11) directing Federal agencies to enter into a minimum of $2 billion of ESPCs for federal building energy upgrades over the next two years should be supportive to backlog build and conversion for the foreseeable future. Shares have risen 11% this week in response, and we anticipate further appreciation on greater growth prospects.” AMRC closed at $12.90 on Tuesday.