Market Overview

UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Lowers PT on Ameresco

Related AMRC
Mid-Morning Market Update: Markets Edge Higher; CVS Health Earnings Top Estimates
Mid-Morning Market Update: Markets Open Lower; General Electric Profit Beats Expectations

In a report published Wednesday, Cantor Fitzgerald reiterated its Buy rating on Ameresco (NYSE: AMRC), but lowered its price target from $18.50 to $17.00.

Cantor Fitzgerald noted, “Ameresco reported a solid 2Q:12 with results above consensus and roughly inline with our estimates. While total backlog reached a new record, awarded projects are taking longer to convert to fully contracted backlog. As a result the company cut full year guidance. It appears that the economic/political morass is causing bureaucratic delays in final approval, and in some cases additional diligence steps have been introduced...Total backlog was $1.3 billion, up 13% from last year, up 1% sequentially, and reaching a new high. Book-to-bill in the quarter was a strong 1.14, and the company said that bid/proposal activity remains strong. The company said that when it has seen similar trends (delayed conversion of awarded to contracted) in the past, the following year is generally quite strong.”

Ameresco closed on Tuesday at $11.82.

Latest Ratings for AMRC

Nov 2017OppenheimerMaintainsOutperform
Aug 2017Canaccord GenuityMaintainsBuy
May 2017Roth CapitalUpgradesNeutralBuy

View More Analyst Ratings for AMRC
View the Latest Analyst Ratings

Posted-In: Cantor FitzgeraldAnalyst Color Price Target Analyst Ratings


Related Articles (AMRC)

View Comments and Join the Discussion!