"We are lowering our price target by $2.00 to $14.00 to keep expectations around multiple expansion more in-line with the recent valuation correction we've seen in the space," the firm said in a note.
Opower has product initiatives and a newly ramped sales force which are likely to build into 2016,Canaccord said. The firm believes the company will reach an inflection point before March 2016.
Canaccord also has confidence in Opower's $50 million six-year deal with a large U.S. utility company, which was announced in mid-August.
Shares of Opower were up by 1.58% to $9.01 in late afternoon trading on Monday.