Orion Energy Systems (NYSE:OESX) Sales Could Grow 54 Percent in Q3

Sales in the third quarter for Orion Energy Systems (NYSE:OESX) are expected to grow 54 percent, causing the share price of the company to soar Tuesday.

Canaccord says, "Orion preannounced much better-than-expected Dec. quarter results last night (Monday), including record revenue of $29.7M. As noted in our note from last week, our research continues to suggest a high level of customer interest in pursuing energy efficient solutions, particularly lighting upgrades, which represent one of the quickest (and most cost-effective) near-term fixes to reduce facility operations costs. We maintain our rating as we believe that Orion’s products and services provide long-term investors with an opportunity to participate in the growing market for energy efficiency solutions."

Canaccord Genuity reiterates a "Buy" rating on Orion Energy Systems (OESX), which closed Tuesday at $4.67, gaining $0.67, or 15.02 percent. Canaccord has a price target of $5 on Orion.