Itron (ITRI – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Jeff Osborne from TD Cowen maintained a Buy rating on the stock and has a $107.00 price target.
Jeff Osborne has given his Buy rating due to a combination of factors that highlight Itron’s robust financial performance and promising outlook. The company’s recent earnings report demonstrated a significant beat on adjusted earnings per share, coming in well above average analyst estimates, which indicates strong operational leverage. Additionally, Itron’s gross margin exceeded expectations, a testament to improved supply chain dynamics and operational efficiency, particularly in its Network Solutions segment. Osborne’s confidence is further bolstered by the company’s guidance for the first quarter and full year of 2024, which suggests revenue and earnings will surpass consensus estimates.
Moreover, the anticipation of positive developments from the DistribuTECH conference and the Investor Day adds to the optimism around Itron’s growth prospects. The company has made strategic announcements regarding partnerships and product launches that aim to enhance grid stability, reliability, and efficiency. The substantial backlog, which is close to record highs and is majorly comprised of long-term customer commitments, provides a clear visibility of future revenue. Despite a slight concern regarding the lowest fourth quarter bookings since 2019, the overall context of supply chain preordering during the pandemic suggests this is not indicative of a negative trend. Osborne’s perspective, considering these aspects, underpins his Buy rating for Itron’s stock.
According to TipRanks, Osborne is a 3-star analyst with an average return of 1.0% and a 40.93% success rate. Osborne covers the Technology sector, focusing on stocks such as SolarEdge Technologies, Cerence, and Itron.
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Itron (ITRI) Company Description:
Itron, Inc. is a technology and services company, which engages in the provision of solutions that measure, manage, and analyze energy and water use. It operates through the following segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment includes hardware products used for measurement, control, or sensing that do not have communications capability embedded for use with its broader Itron systems. The Networked Solutions segment offers a combination of communicating devices, network infrastructure, and associated application software designed and sold as a complete solution for acquiring and transporting robust application-specific data. The Outcomes segment consist of the firm’s value-added, enhanced software and services operating segment in which it manage, organize, analyze, and interpret data to improve decision making, maximize operational profitability, drive resource efficiency, and deliver results for consumers, utilities, and smart cities. The company was founded in 1977 and is headquartered in Liberty Lake, WA.
Read More on ITRI:
- ITRI Earnings: Itron Skyrockets on Q4 Beat
- ITRI Earnings this Week: How Will it Perform?
- Itron, GE Vernova pioneer unification of grid edge and operations data
- Itron and Schneider team to modernize and simplify energy distribution
- Itron teams with Lightwell on Belgian grid operator’s Smart Street solution
