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Smart meter developer Echelon (ELON +6.3%) pops after Piper upgrades shares to Overweight,...

Smart meter developer Echelon (ELON +6.3%) pops after Piper upgrades shares to Overweight, following meetings with Brazilian partner ELO (uses Echelon's technology for its own smart meters) and electricity regulator ANEEL. The firm thinks Brazil could represent a $1.5B opportunity for Echelon, assuming all of the country's traditional meters are replaced, and ELO can maintain its 50% local smart meter share.
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