Itron (ITRI) Gets a Buy Rating from Oppenheimer


In a report released today, Noah Kaye from Oppenheimer maintained a Buy rating on Itron (ITRI), with a price target of $68. The company’s shares closed yesterday at $53.47.

Kaye noted:

“ITRI started FY19 strong, topping consensus 1Q adj. EBITDA by 28% on healthy sales and improved operating leverage. Higher margin Networks and Outcomes sales drove total organic growth of 5%, while management was constructive on the demand environment. Gross margins of 30.5% were essentially in line with guidance, but management pointed to an improving components supply situation and sees margins exiting 4Q at 32%. As we update our medium-term outlook, we see the combination of improving supply issues and confidence in targeted $70M in FY19-20 synergies as encouraging; we raise our FY20 estimates and increase our PT to $68 (from $60).”

According to TipRanks.com, Kaye is a 5-star analyst with an average return of 8.8% and a 60.2% success rate. Kaye covers the Industrial Goods sector, focusing on stocks such as Rockwell Automation Inc, Caterpillar, and BorgWarner.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Itron with a $67.67 average price target, implying a 26.6% upside from current levels. In a report released today, Robert W. Baird also upgraded the stock to Buy with a $62 price target.

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Based on Itron’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $1.91 million. In comparison, last year the company had a GAAP net loss of $146 million.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock.

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Itron, Inc. is a technology and services company, which engages in the provision of solutions that measure, manage, and analyze energy and water use. It operates through the following segments: Device Solutions, Networked Solutions, and Outcomes.

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