Jefferies Maintains Hold on Comverge

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Jefferies is out with its report today on Comverge COMV, maintaining Hold. In a note to clients, Jefferies writes, "After the close on July 25, COMV preannounced higher-than-expected revenue and a narrower loss for 2Q. This was partly due to the timing of $5.8M in PJM revenue which COMV previously recognized in 3Q only. Excluding the PJM recognition impact, COMV also saw modest upside from the turnkey DR business. We see the 2Q prelims as incrementally positive but continue to expect losses through FY12." Shares of COMV closed Monday at $3.05, up 2.01% from Friday's close.
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