Baird Remains Bullish on Itron (ITRI) Following 3Q Beat

November 3, 2016 8:09 AM EDT
Get Alerts ITRI Hot Sheet
Price: $63.10 -1.1%

Rating Summary:
    10 Buy, 15 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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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."

For an analyst ratings summary and ratings history on Itron click here. For more ratings news on Itron click here.

Shares of Itron closed at $51.90 yesterday.



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