Cantor Fitzgerald Cuts Price Target on Itron (ITRI) Following Weak Results and Flat Outlook
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Price: $100.61 --0%
Rating Summary:
16 Buy, 16 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 23
Rating Summary:
16 Buy, 16 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 10 | New: 23
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Cantor Fitzgerald is reaffirming its Hold rating on shares of Itron (NASDAQ: ITRI) while lowering its price target from $44 to $42 following earnings.
The company reported messy quarterly earnings due to a number of charges. Non-GAAP EPS for the quarter came out to $0.92 on $616 million in sales, mixed wit the firm's estimates of $1.06 on $590 million in sales. The Street was forecasting EPS of $1.04 on $583.2 million in sales.
Management released its 2012 guidance which represents flat to declining growth. The firm is lowering its FY11 and FY12 EPS estimates from $4.40 and $4.38 to $4.06 and $3.91.
An analyst at Cantor Fitzgerald comments, "We were impressed with the clarity Mr. Nosbaum provided and his forthright views on the challenges Itron faces. He admitted that Itron faces a potential $300 million revenue hole in 2012 due to the completion of several large AMI contracts in North America. He said that much of that can be filled by growth in other business, and said that there may be upside from large programs in Europe."
For more ratings news on Itron click here and for the rating history of Itron click here.
Shares of Itron closed at $36.44 yesterday.
The company reported messy quarterly earnings due to a number of charges. Non-GAAP EPS for the quarter came out to $0.92 on $616 million in sales, mixed wit the firm's estimates of $1.06 on $590 million in sales. The Street was forecasting EPS of $1.04 on $583.2 million in sales.
Management released its 2012 guidance which represents flat to declining growth. The firm is lowering its FY11 and FY12 EPS estimates from $4.40 and $4.38 to $4.06 and $3.91.
An analyst at Cantor Fitzgerald comments, "We were impressed with the clarity Mr. Nosbaum provided and his forthright views on the challenges Itron faces. He admitted that Itron faces a potential $300 million revenue hole in 2012 due to the completion of several large AMI contracts in North America. He said that much of that can be filled by growth in other business, and said that there may be upside from large programs in Europe."
For more ratings news on Itron click here and for the rating history of Itron click here.
Shares of Itron closed at $36.44 yesterday.
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