Itron downgraded to Neutral from Outperform at Baird

Baird downgraded Itron (ITRI) to Neutral from Outperform with a price target of $118, down from $137. The company beat Q3 estimates and raised guidance, but its book-to-bill disappointed, the analyst tells investors in a research note. The firm says customers are purchasing more slowly due to the complexity of meeting data center demands along with increasing electricity prices. Baird seeks better visibility on how Itron’s offerings are prioritized in this environment before again recommending the shares.