Needham & Company Reiterates a 'Buy' on Itron (ITRI); Cheap Valuation For Market Leadership & “Un-Broken” Business

Needham & Company reiterates a 'Buy' on Itron (NASDAQ: ITRI) price target lowered from $63 to $53.

Needham analyst says, "With renewed leadership, ITRI is still a leader with solid technology, strong global relationships and healthy earnings. As we look more closely beyond the medium-term, we expect the roll-off of AMI projects to ratchet back annual growth only moderately through ’13, which should be a trough year (if no other large wins – an upside opportunity). Further, we believe longer-term earnings could improve on recent refinancing and upcoming restructuring (not fully in our model). Thus, we reiterate our Buy but reduce our target to $53 on a more conservative multiple of ~12-13x (considering current markets) on our refined 2012 est. of $4.24 (from $4.30)."

For more ratings news on Itron click here and for the rating history of Itron click here.

Shares of Itron closed at $36.15 yesterday.

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