Itron (ITRI – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Austin Moeller from Canaccord Genuity upgraded the rating on the stock to a Buy and gave it a $105.00 price target.
Austin Moeller has given his Buy rating due to a combination of factors impacting Itron’s recent performance and future prospects. Itron has demonstrated a strong fourth quarter with revenues and GAAP Diluted EPS exceeding expectations, which can be attributed to improved supply chain conditions allowing for increased hardware deliveries and a boost in both one-time services and recurring contracts. The company’s strategic movements, such as restructuring charges and management’s revenue guidance, projecting growth that surpasses prior estimates, also play a key role in this positive outlook.
Furthermore, the significant backlog reduction and expected conversion into revenue during the first half of 2024, alongside the decision to build component inventory, reflect a proactive approach to market demands and supply chain challenges. Itron’s substantial growth in both Networked Solutions and Outcomes, as well as the high-profile contracts secured, underscore the company’s market position and potential for revenue generation. Moeller’s upgrade to a Buy rating and the increase in price target to $105 are supported by these operational enhancements and the anticipation of a less impactful supply chain on Itron’s shipment activities moving forward.
In another report released today, Robert W. Baird also upgraded the stock to a Buy with a $108.00 price target.
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Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ITRI in relation to earlier this year.
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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.
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