UPDATE: JPMorgan Starts Itron (ITRI) at Overweight
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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."
Shares of Itron closed at $87.12 yesterday.
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