Itron (ITRI) PT Raised to $132 at Canaccord Genuity

Canaccord Genuity analyst Austin Moeller raised the price target on Itron (NASDAQ: ITRI) to $132.00 (from $130.00) while maintaining a Buy rating.

The analyst commented: "We are maintaining our BUY rating on ITRI and raising our PT to $132. Another quarter, another beat. Management indicated on the conference call that the opportunity funnel has never been better (despite some industry/investor concerns of a demand slowdown at the utility level) and the demand environment for Grid Edge Intelligence solutions continues to look promising as utilities search for software and endpoints to enhance grid resiliency, capacity and automation to more effectively manage the impacts of extreme weather events and demand from AI data centers, EVs and heat pumps. Encouragingly, just 20% of the backlog now comprises hardware that has not been inflation-indexed. Regarding the potential implementation of 25% tariffs on Mexican goods by the Trump Administration, management indicated there could be an impact on some components imported from Mexico, but the company is now strategically building surplus raw component inventory to mitigate any impacts from “on again, off again” tariffs. Our PT is calculated based on a 16.3x EV/EBITDA multiple, applied to our 2026 estimate of $385M."

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