UPDATE: Pacific Crest Securities Initiates Coverage On EnerNOC, Inc. On Diversification Benefits

In a report published Tuesday, Pacific Crest Securities analyst Brendan Barnicle initiated coverage on EnerNOC, Inc. (NASDAQ: ENOC) with an Outperform rating and $24.00 price target.

In the report, Pacific Crest Securities noted, “EnerNOC is a leader in demand response, with 30% market share. The company could grow its SaaS-based enterprise revenue at a compound annual rate of 30% to 40% over the next three to four years, which would also benefit margins. EnerNOC is targeting 300 enterprise customers that spend more than $50 million annually on their energy payments. Most of these enterprise companies are already ENOC's DR customers, which makes adding them easy and inexpensive. Per the U.S. EPA, 25% to 30% of energy spending is wasted. EnerNOC could capture 10% of these savings, which could be a significant opportunity.”

EnerNOC closed on Monday at $19.62.