Pritchard Equity Rates Echelon Corp A Buy (ELON)

Pritchard Equity Research is reiterating its Buy rating and $12 price target on shares of Echelon Corporation ELON after the company reported earnings yesterday after the bell. In the report Pritchard Equity writes, "After the Duke Energy Corporation smart meter deployment, our expectation that other US utilities will follow-the-leader is unchanged and we recommend patience with the agonizingly slow utility purchasing process. We reiterate a ‘Buy’ rating and $12 price target." "Basically an uneventful quarter. Although we were disappointed that no new smart meter contracts were announced, it does appear that LWI sales have stabilized and should experience strong growth when the commercial real estate market in the U.S. and Western Europe recovers. Shares of Echelon closed yesterday at $7.53.