UPDATE: Wunderlich Securities Initiates Coverage on Pike Electric

According to a research report published this morning, Wunderlich Securities has initiated Pike Electric

with a Buy rating and $10 PT. In the report, Wunderlich Securities said, "Pike Electric has grown through acquisitions and we believe it is positioned for better growth than it has seen in the past. It has taken advantage of the financial downturn in the U.S. to acquire companies that were undercapitalized and, at the same time, levered its own balance sheet into these new businesses, allowing it to expand its footprint across the U.S. This should result in a better growth profile and expand the stock multiple." Pike Electric closed yesterday at $7.84.