Barclays on U.S. Clean Technology & Renewables: Smart Grids: Keeping an Eye on Europe
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Up: 11 | Down: 18 | New: 13
Rating Summary:
7 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Barclays on U.S. Clean Technology & Renewables: Smart Grids: Keeping an Eye on Europe
Analyst, Amir Rozwadowski, said, "While we continue to believe Europe's grid infrastructure upgrade to smart grids will be a gradual process with timing contingent on regional economic recovery, our recent discussions with various industry participants and in depth analysis suggests that the potential size of the opportunity could simply be too large to ignore. Coupled with our expectations that the cadence of awards and testing activity should pick up over the next 12 months, we believe it is an opportune time for investors to begin to examine the potential impact the European smart grid upgrade could have on vendors."
"Share Consolidation Puts Elster (NYSE: ELT), Itron (Nasdaq: ITRI) and Landis+Gyr in the Best Position: Given EU utilities' propensity to favor multiple suppliers, we believe vendors that provide diverse product portfolios, scale and execution should all benefit from the upgrade opportunity. Revenues are likely to be lumpy and dependent on the timing and rollouts of select awards but in aggregate should be meaningful over a multi-year period. We expect suppliers Elster, Itron and Landis+Gyr to ultimately capture the leading share as the aforementioned criteria can only be met by select vendors."
Other highlighted points include: 1) The EU 2020 Directive Could Drive a $10 Billion Meter Upgrade Opportunity 1b) Timing is of Course the Key: Our upside estimate gives full credit to the region hitting its 80% penetration target by 2020, which we realize may be aggressive given the broader economic challenges and the already later-than-expected tenders
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Analyst, Amir Rozwadowski, said, "While we continue to believe Europe's grid infrastructure upgrade to smart grids will be a gradual process with timing contingent on regional economic recovery, our recent discussions with various industry participants and in depth analysis suggests that the potential size of the opportunity could simply be too large to ignore. Coupled with our expectations that the cadence of awards and testing activity should pick up over the next 12 months, we believe it is an opportune time for investors to begin to examine the potential impact the European smart grid upgrade could have on vendors."
"Share Consolidation Puts Elster (NYSE: ELT), Itron (Nasdaq: ITRI) and Landis+Gyr in the Best Position: Given EU utilities' propensity to favor multiple suppliers, we believe vendors that provide diverse product portfolios, scale and execution should all benefit from the upgrade opportunity. Revenues are likely to be lumpy and dependent on the timing and rollouts of select awards but in aggregate should be meaningful over a multi-year period. We expect suppliers Elster, Itron and Landis+Gyr to ultimately capture the leading share as the aforementioned criteria can only be met by select vendors."
Other highlighted points include: 1) The EU 2020 Directive Could Drive a $10 Billion Meter Upgrade Opportunity 1b) Timing is of Course the Key: Our upside estimate gives full credit to the region hitting its 80% penetration target by 2020, which we realize may be aggressive given the broader economic challenges and the already later-than-expected tenders
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