UPDATE: Piper Jaffray Lowers PT on Itron to $63 (ITRI)

Piper Jaffray is out with its report today on Itron (NASDAQ: ITRI), lowering its PT from $65 to $63.

In a note to clients, Piper Jaffray writes, "While 1Q results came in modestly below our expectations, sales & EPS bested Street consensus and place Itron on pace to meet its full year guidance. We believe the BC Hydro contract, combined with the start-up of European AMI projects, will support improved growth in 2012 and we are lifting our estimates. Investor expectations are low for ITRI; however, we believe sustained valuation expansion will require a steady flow of contract wins. Our price target moves to $63 on 14x our FY12 EPS."

Piper Jaffray maintains Neutral on ITRI.

At the time of posting, shares of ITRI were trading pre-market at $53.80, down 2.50% from Wednesday's close.