PIper Jaffray Maintains Echelon Neutral, $10 PT (ELON)

Piper Jaffray maintained its Echelon ELON Neutral rating and $10 price target in a research report published today. In the report, Piper Jaffray states, "Echelon's management reiterated their expectation to achieve positive non-GAAP net income for 2012, but on a GAAP basis our model shows losses will continue. In 2011, management forecasts a top-line increase of 20 – 30% driven by deliveries to Duke and Fortum in the utility segment (up 25-40% in the upcoming year) and a 10% increase in the commercial segment. To invest more in sales, management reduced Echelon's workforce by 8% in the quarter." Shares of Echelon were at $9.57 in after hours trading, down 2.74% from Thursday's market close.