EnerNOC announces new contract with Southern California Edison EnerNOC announced that it has expanded its presence in Southern California through a new contract with Southern California Edison. Under the terms of the new contract, EnerNOC will increase its number of megawatts in SCE's service territory by approximately 15% through December 31, 2014, consistent with the term of EnerNOC's expanded contract with PG&E announced in a press release dated February 5. EnerNOC won the additional megawatts through a competitive bidding process in which EnerNOC was awarded more than twice as many megawatts as any other third-party provider, and more than 40% of all megawatts awarded to the six successful bidders.
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EnerNOC upgraded to Strong Buy with $28 target at Needham Needham upgraded EnerNOC earlier today to Strong Buy from Buy with a $28 price target, saying the current valuation represents a "notable disconnect" from the company's fundamentals. The firm says the shares are "just too cheap."