Wedbush Reiterates Underperform on EnerNOC

Wedbush is out with its report today on EnerNOC ENOC, reiterating Underperfom. In a note to clients, Wedbush writes, "We reiterate our UNDERPERFORM rating and $9 price target. Our target is based on EnerNOC's book value at the end of 1Q11, which we believe is fair given significant uncertainty. We are cautious on structural changes needed for EnerNOC's business model, a commoditizing DR product, and the viability of the Energy Management business." At the time of posting, shares of ENOC were trading pre-market at $16.73, up 3.14% from Wednesday's close.