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Needham Upgrades Itron (ITRI) To Buy, Price Target $69

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Needham analyst Sen K.F. Hannan upgraded his rating of Itron, Inc. (Nasdaq: ITRI) shares from Hold to Buy and instituted a price target of $69.

The Needham analyst cited Itron's record 12-month backlog and strong portfolio of customers as factors that would drive the company's AMI business.

He also noted that Itron reported 4th quarter results of $476 million revenue and earnings per share of 82 cents, well above the consensus estimate of $429 million in revenue and 59 cents earnings per share.

Sen K.F. Hannan concluded that, "Itron continues to be well positioned for growth in 2010 (and beyond) with record 12-month backlog and a strong portfolio of customers to drive its AMI business. Further, we believe the company’s visibility is slowly improving (in the wait and see smart metering environment) while valuation has also become more compelling."

 

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