Itron (ITRI) PT Raised to $69 at Cowen After a Solid Beat

Cowen analyst Jeffrey Osborne raised the price target on Itron (NASDAQ: ITRI) to $69.00 (from $67.00) while maintaining an Outperform rating after the company reported revenues of $614.6mn, above consensus estimates of $585.7mn. Device Solutions revenue of $222mn was down 11% y/y, while Networked revenues of $336mn were up 11% y/y. Outcome revenue grew 2% y/y, reaching $56mn.

The analyst stated "Itron had a solid start to the year with robust margins from its Outcomes business. Management highlighted strong bid activity in large-scale Networked Solutions & Outcomes projects and continues to target a book-to-bill of 1:1 for FY19. Cost savings initiatives remain on track with another ~$70mn expected in FY19/20. We continue to see a path to high $3 to $4 in EPS in 2020".

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