Baird reiterated an Outperform rating and $38.00 price target on Itron (NASDAQ: ITRI) ahead of the company's 3Q15 earnings results. Analyst Ben Kallo estimates non-GAAP net income of $21.7M and non-GAAP EPS of $0.56 vs. consensus of $21.0M/$0.55. ITRI is scheduled to report earnings on 11/03/15.

Kallo commented, "Our estimates are in line with consensus, although we believe ITRI may continue to face headwinds in its Water business after BMI recently reported Q3 sales delays due to “alliance partner” product issues. That said, we continue to be buyers of shares ahead of what should be an inflection in sales and EPS during 2016. Additionally, we believe the recent investment by activists could spur positive company changes and help drive earnings growth."

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Shares of Itron closed at $36.11 yesterday.