Baird Reiterates Outperform on Itron (ITRI) Following Enedis Contract Win
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Baird reiterated an Outperform rating and $62.00 price target on Itron (NASDAQ: ITRI) as the company wins Enedis contract. ITRI will supply 4.6M G3 Linky smart meters to Enedis, an electricity distribution network operator in France. In total, the Linky program aims to deploy 35M meters by 2021. The ITRI meters will be manufactured in ITRI’s Chasseneuil, France facility
Analyst Ben Kallo commented, "ITRI was selected to provide 4.6M smart meters for the second phase of the Linky program after successfully delivering more than 1 million meters in the first phase. The large contract should improve revenue visibility, and we view ITRI's selection for the second phase as positive. We believe shares will move higher from the announcement."
Shares of Itron closed at $63.60 yesterday.
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