Jefferies Assumes Coverage on Itron (ITRI) at Buy; 3Q11 Marks Transition Period with New CEO

Jefferies assumes coverage on Itron (NASDAQ: ITRI) with a Buy. PT $46.00 (from $60).

Jefferies analyst says, "ITRI reported Q3 results that were stronger on revenue but lower on the bottom line due to warranty expenses, and also announced a noncash impairment charge, global restructuring effort, and stock buyback program. We believe risk/reward is attractive at current levels and the core business is solid, but the company faces tough comps as large AMI contracts roll off."

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

Shares of Itron closed at $35.73 yesterday.

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