Itron, Inc. ITRI shares have been on quite a run so far in 2016, but Canaccord believes the stock still has plenty of room to the upside. According to analyst John Quealy, Itron offers investors a favorable risk/reward balance.
Now that project outlook has become clearer and the company’s cost-cutting efforts are starting to make an impact, Canaccord has upped its price target for the Buy-rated stock from $57 to $61.
After meeting with company management, Quealy is bullish on both core metering growth trends and the company’s long-term growth vision.
“In our view, the steady improvement in segment margins is the trend to watch in the coming quarters, given the inherently lumpy cadence of product deployments, as a scorecard on management execution,” Quealy explains.
He believes management’s priorities remain predictability, profitability and growth. Quealy notes that roughly 60 percent of Itron’s business now has a “solid visibility.” He expects…
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