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Investing.com - TD Cowen raised its price target on Itron (NASDAQ:ITRI) to $145 from $139 on Monday, maintaining a Buy rating on the smart grid technology provider. The stock, currently trading at $129.32, has gained over 27% in the past year and recently reached new 52-week highs, according to InvestingPro data.
The research firm cited increased confidence in the start of a new cycle for grid modernization in North America, with load growth driving demand for network and software solutions to optimize grid performance.
TD Cowen noted that Itron has established a two-plus year lead with shrinking competition in grid edge solutions, positioning the company favorably in the market.
The firm expects Itron’s revenue and margins to accelerate as distributed intelligence (DI) grows with twice the average selling price compared to advanced metering infrastructure (AMI 1.0), while the attach rate of software post-deployment increases.
The new $145 price target implies 18x 2026 estimated EV/EBITDA and is based on a sum-of-the-parts analysis, with TD Cowen slightly raising the 2026 EBITDA multiple for Networked Solutions and Outcomes to 18.0x and 22.5x, respectively.
In other recent news, Itron Inc. reported its first-quarter 2025 earnings, exceeding expectations with an EPS of $1.52, compared to the analyst forecast of $1.32. However, the company’s revenue fell slightly short, coming in at $607 million against a forecast of $614.49 million. Despite this revenue miss, Itron achieved a record gross margin of 35.8% and an EBITDA margin of 14.5%. Additionally, Itron announced significant changes to its corporate structure, including doubling its authorized shares from 75 million to 150 million, to provide greater flexibility for future corporate needs.
In a strategic move, Itron has partnered with 4Liberty to enhance grid edge intelligence solutions for utilities, leveraging 4Liberty’s expertise in utility program management. Moreover, Itron’s recent amendments to its Articles of Incorporation include the removal of specific language concerning Series R Participating Cumulative Preferred Stock and updates to indemnification provisions for directors and officers. During the same shareholder meeting, Deloitte & Touche LLP was ratified as the independent registered public accounting firm for fiscal year 2025.
Looking ahead, Itron forecasts its Q2 2025 revenue to be between $595 million and $615 million, with a non-GAAP EPS range of $1.30 to $1.40. The company remains focused on mergers and acquisitions, particularly in the software domain, as highlighted by CFO Joan Hooper. These developments reflect Itron’s ongoing efforts to align its corporate structure with strategic objectives and maintain robust governance.
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