In a report released today, Michael Latimore from Northland Securities maintained a Buy rating on Iteris (ITI), with a price target of $9. The company’s shares closed on Friday at $4.21.
Latimore wrote:
“We believe two major headwinds are abating and that Iteris can return to solid growth in FY20 and beyond. Last week ITI announced strong analytics SaaS bookings, and our separate checks reveal healthy and improving demand for roadway sensors and transportation systems. Increasing target to $9 from $8 based on new FY21 (Mar) estimates.”
According to TipRanks.com, Latimore is a 5-star analyst with an average return of 15.8% and a 58.5% success rate. Latimore covers the Technology sector, focusing on stocks such as Super League Gaming Inc, Brightcove Inc, and Everbridge Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Iteris with a $9 average price target.
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Based on Iteris’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $2.46 million. In comparison, last year the company had a GAAP net loss of $2.4 million.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is negative on the stock.
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Iteris, Inc. engages in providing intelligent information solutions for both the traffic management and global agribusiness markets. It operates through the following segments: Roadway Sensors; Transportation Systems; and Agriculture & Weather Analytics.
