UPDATE: Piper Jaffray Lowers PT on EnerNOC to $16

Piper Jaffray is out with its report today on EnerNOC ENOC, lowering its PT to $16 from $18. In its report, Piper Jaffray writes, "We are making sharp reductions to our FY11 & FY12 estimates after ENOC reported in-line 2Q results but slashed earnings guidance to incorporate a dilutive acquisition and higher investments for future growth. We are introducing FY13 EPS of $0.60, which is below the company's $0.80-$1.00 guided range to conservatively embed ongoing margin pressures. The company's bleak earnings outlook for the next two years keeps us at Neutral on the shares, as it balances that stock's depressed valuation. We are lowering our price target to $16 as we shift to a discounted FY13 adj. EBITDA methodology." At the time of posting, shares of ENOC were trading pre-market at $11.03, down 23.05% from Monday's close.