Baird Says Itron (ITRI) is Ready for Long-Term Growth - Raises PT to $47

Baird reiterated an Outperform rating on Itron (NASDAQ: ITRI), and raised the price target to $47.00 (from $42.00), following the company's 4Q earnings report. ITRI reported revenue of $490.4M vs. consensus estimates of $486.5M. Non-GAAP EPS was $0.76 vs. consensus estimates of $0.74. ITRI issued 2016 guidance of $1.85B-$1.95B in revenue and non-GAAP EPS of $1.95-$2.25. The company shows continued progress in phasing out lower-margin products, which should drive earnings growth over the long term.

Analyst Ben Kallo commented, "Q4 results were largely in line with our estimates and ITRI’s 2016 EPS guidance range was better than expected. Additionally, ITRI had impressive bookings during the quarter, and has a strong backlog which provides revenue visibility for 2016+. Importantly, ITRI expects to see lower costs in 2H:16 as its makes progress on its efficiency improvements and restructuring. ITRI remains one of our favorite picks, and we believe the company is positioned for long-term growth."

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 $36.50 yesterday.

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