Itron (ITRI) PT Lifted to $42 at Baird

Baird analyst Ben Kallo reiterated an Outperform rating and lifted his price target on Itron (NASDAQ: ITRI) to $42.00 (from $38.00) following results after the close. The analyst said the company is moving in the right direction.

Kallo commented, "ITRI missed consensus EPS after accounting for a one-time tax adjustment, and although backlog declined sequentially, management indicated Q4 should be solid with several new project wins. Additionally, ITRI had strong results in its Electricity segment displaying the impact of its restructuring efforts, and continues to evaluate opportunities for operating expense reduction. We believe the activist involvement in ITRI will help drive share appreciation and remain buyers at current levels."

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 $37.29 yesterday.

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