Jefferies Reiterates Hold on Echelon (ELON)

Jefferies is out with its report today on Echelon ELON, reiterating Hold and a $7 PT. In a note to clients, Jefferies writes, "The company is moving into full deployment mode with Fortum in Finland and we believe the Duke Ohio deployment is at ~30%. These two projects will be drivers of revenue growth in 2011. ELON's new ECoS solution provides an interesting value proposition for utilities; we await contract wins. We believe ELON also has an opportunity to provide control networking solutions for street lighting, potentially in partnership with LED lighting companies. We would become more constructive with indicators toward profitability." Shares of ELON closed Friday at $9.11, up 1.45% from Thursday's close.