Seaport Global Securities Assumes Itron (ITRI) at Buy, 'Many Catalysts for More Consistent Earnings Ahead'

Seaport Global Securities analyst Scott Graham assumes coverage on Itron (NASDAQ: ITRI) with a Buy rating, price target $80.00.

The analyst comments "We are initiating coverage of ITRI with a Buy rating and $80 price target. After an elongated period of weak earnings, we believe the company is turning the corner. We think ITRI is poised to leverage its strong market positions, improving execution, large backlog and the changing customer use case environment into more top-line consistency. We also see multiple margin catalysts. We have concerns around the company's track record and customer spending priorities and limitations but still see an improving earnings profile going forward. The stock has underperformed the market over the last five years but is now coming off trough margins and earnings."

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 $59.69 yesterday.

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