Pritchard Confident In EnerNoc's Six Utility Negotiations

EnerNoc, Inc. ENOC reported 2Q EPS of $0.04 vs Pritchard's estimate of $0.06, citing that the expected impact on results from June's warm weather was not obtained. However, guidance for 2010 has been increased to a range of $0.32-0.42 from $0.30-0.38, while 2011/2012 EPS estimates remain unchanged. ENOC has indicated it is currently negotiating six bilateral agreements with utilities similar to the expanded agreement with PG&E PCG announced in June. These negotiations increase Pritchard's confidence in management estimates for 2011 and 2012, according to Pritchard. Pritchard maintains its "neutral" rating and price target of $36. EnerNoc, Inc. closed yesterday at $34.79.