Needham & Company Raises Price Target on Itron (ITRI) to $60.00 Following 2Q Report
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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."
Shares of Itron closed at $50.95 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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