Zacks Investment Research upgraded shares of Itron, Inc. (ITRI) from UNDERPERFORM to NEUTRAL on September 27, 2013, with a target price of $45.00.
We are upgrading our recommendation on Itron from Underperform to Neutral, with a target price of $45.00. Itron's second-quarter 2013 adjusted earnings slumped 50% year over year to $0.58 per share due to revenue deterioration and lower gross profit. Going forward, the company will benefit from its strong backlog, new contracts and continuous focus on lowering costs. However, the company will continue to face a more challenged competitive environment in the U.S. as regards water and gas metering markets. Moreover, shift in product mix, lower volume will act as headwinds in the upcoming quarters.
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