Needham & Company Reiterates a 'Buy' on Itron (ITRI); Mixed 3Q Results With Some Good, Some Bad; Longer-Term Outlook Remains Healthy

Needham & Company reiterates a 'Buy' on Itron (NASDAQ: ITRI) price target of $53.00.

Needham analyst says, "Overall, ITRI continues to have a solid business with strong opportunities that should start bringing confidence to investors when thinking about a return to growth as 2013 nears. Under renewed leadership, we expect a better focus on execution and an improving model from internal initiatives, restructuring, a buyback, and solid organic (non-OpenWay) momentum."

"Our 4Q now $575M in revs. & $1.00, vs. prior $580M & $1.12. For ‘11, our model now $2.37B & $4.10, vs. $2.33B & $4.34. For ’12, now $2.31B and $3.99, vs. $2.29B & $4.24."

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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