UPDATE: JPMorgan Starts Itron (ITRI) at Overweight

March 26, 2021 1:38 AM EDT
Get Alerts ITRI Hot Sheet
Price: $98.73 +0.29%

Rating Summary:
    14 Buy, 14 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 8
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(Updated - March 26, 2021 5:09 AM EDT)

JPMorgan analyst Paul Coster initiates coverage on Itron (NASDAQ: ITRI) with a Overweight rating and a price target of $110.00.

The analyst comments "ITRI is trading at 29 times forward P/E, a ~50% premium to the three year mean P/E multiple of 19.5x, which is a steep multiple on an historical basis, but below the recent 6-month peak and justified, in our view, in the context of a very significant 2-year ramp in EPS with a recovery post pandemic. Also the stock trades at a discount to best-in-class industrial tech stocks in its peer group, and solid execution could close that gap. With an Overweight rating, we expect ITRI shares to outperform the mean of our coverage universe."

For an analyst ratings summary and ratings history on Itron click here. For more ratings news on Itron click here.

Shares of Itron closed at $87.12 yesterday.

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