UPDATE: Wedbush Lowers Echelon's PT

According to a research report published this morning, Wedbush has lowered Echelon's

PT from $7 to $5. In the report, Wedbush said, "Echelon reported 1Q12 results modestly above low expectations. The company reported revenue/EPS of $40.3m/($0.06) vs. our $40.0m/($0.10) and the consensus $40.1m/($0.11), on guidance of $39.0m-$41.0m/($0.14)-($0.11). NonGAAP EPS was $0.01 vs. our ($0.03) estimate, with non-GAAP gross margins of 43.7%, 170bps above our 42% estimate, and compares to 47% in 1Q11 and 40% in 4Q11." Wedbush maintains its Neutral rating on Echelon, which is currently trading at $4.19.