Needham & Company Raises Price Target on Itron (ITRI) to $60.00 Following 2Q Report

September 2, 2016 7:28 AM EDT
Get Alerts ITRI Hot Sheet
Price: $63.35 --0%

Rating Summary:
    10 Buy, 15 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 3 | New: 2
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Needham & Company reiterated a Buy rating on Itron (NASDAQ: ITRI), and raised the price target to $60.00 (from $46.00), following the company's 2Q earnings report. ITRI reported $513M in revenues and non-GAAP EPS of $0.65, compared with the Street's estimates of $479M and $0.43. The company also announced a new program to be completed by '18 and yielding $40M in benefits.

Analyst Sean Hannan commented, "After a long hiatus while management worked to resolve accounting issues, ITRI is now becoming current in its filings and has delivered a particularly strong 2Q. Fundamentally, we continue to expect ITRI to benefit on a multiyear basis from healthy project awards (in-hand) and cyclical tailwinds while EBITDA & EPS are further fueled by a leaner model (and getting leaner). Thus, we reiterate our Buy and see particularly strong profit growth opportunities in '17 and beyond."

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 $50.95 yesterday.

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