Itron (ITRI): Raising PT Due To Multi Year Opportunity - Needham
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Needham & Company analyst, Sean Hannan, reiterated his Buy rating on shares of Itron (NASDAQ: ITRI) and raised his price target to $66 from $60 indicating that Itron has "turned the ship" with some fairly consistent execution.
He also believes that its top and bottom lines have a long positive runway the next few years due to projects-in-hand and the long-term nature of deployments. ITRI should "up-shift into a multi-year cycle" in addition to taking cost-out actions offering more upside opportunity to the current model as well as opportunities for multiple expansion.
Shares of Itron closed at $60.35 yesterday.
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