Wachovia Downgrades Itron (ITRI) to Market Perform
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Wachovia downgrades Itron, Inc. (Nasdaq: ITRI) from Outperform to Market Perform. Valuation Range: $45 to $47.
Wachovia analyst says, "Cutting our rating on ITRI to Market Perform following surprisingly dismal Q1 results that leave us with extremely limited visibility on the near- to intermediate-term outlook. Q1 EPS of $0.33 was well short of our $0.60 estimate and $0.52 consensus due to lower revenue (-19% yr/yr), largely driven by an unfavorable currency impact, and relative to our estimate, significantly higher operating expenses (25% of revenue in Q109 vs. 21.7% in Q108)...For now, lowering our 2009E by nearly 22% to $2.70 from $3.45 to reflect Q1 shortfall; we continue to review our numbers."
Itron, Inc. (Itron), provides a portfolio of products and services to utilities for the energy and water markets throughout the world. The Company is a provider of metering, data collection and software. Itron has two business segments: Itron North America and Actaris.
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