UPDATE: Jefferies Downgrades EnerNOC to Hold (ENOC)

Jefferies is out with its report today on EnerNOC ENOC, downgrading ENOC from Buy to Hold. In a note to clients, Jefferies writes, "We downgrade ENOC to Hold on lower than expected gross margin and EPS guidance for FY11/12, which indicate increased risk to projections, in our view. Visibility on margins and continued uncertainty in PJM are likely to keep the stock rangebound. We lower our estimates and PT to $22." At the time of posting, shares of ENOC were trading pre-market at $19.05, down 1.30% from Wednesday's close.