Wedbush Reiterates Underperform on EnerNOC

Wedbush is out with its report today on EnerNOC ENOC, reiterating Underperform. In a note to clients, Wedbush writes, "We reiterate our UNDERPERFORM rating and $11 price target. Our target is based on a 30x multiple on 2012 EPS estimates, which we believe is fair given EnerNOC's prospects for long-term growth, offset by risks from deteriorating splits and rising expenses. While we believe in the future of DR and note EnerNOC's strong record signing new MW of capacity, we are cautious on the near-term market environment, as well as the viability of EnerNOC's Energy Management business." Shares of ENOC closed Thursday at $16.68.