Baird Remains Bullish on Itron (ITRI) Following 3Q Beat
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Third-Party Said Interested in PrivateBancorp (PVTB) as CIBC (CM) Deal is Delayed
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Baird maintained an Outperform rating and $62.00 price target on Itron (NASDAQ: ITRI) following the company's 3Q earnings report. ITRI reported revenue of $506.9M, ahead of consensus estimates of $481.4M. Non-GAAP EPS was $0.77 vs. consensus estimates of $0.59. ITRI previously issued 2016 guidance of $1.95B-$2.0B in revenue and non-GAAP EPS of $2.20-$2.45, and now expects to be at the high end of guidance.
Analyst Ben Kallo commented, "Q3 results beat our/consensus estimates and management expects to be at the high end of its FY:16 guidance range. Additionally, ITRI had a book-to-bill ratio of 1.3, while its backlog expanded and provides revenue visibility for 2017+. Total gross margin continued to improve in Q3, and a backlog weighted towards smart meters should provide attractive margins going forward. We expect shares to trade higher and ITRI remains a favorite pick."
Shares of Itron closed at $51.90 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UBS Cuts Price Target on SecureWorks Corp. (SCWX) to $13
- lululemon athletica (LULU): Skeptics Are Quieter - Wedbush
- BMO Capital Reiterates Market Perform on Casey's General Stores (CASY) Following 2Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesRobert W Baird, Earnings, Ben Kallo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!