Itron price target raised to $124 from $119 at Piper Sandler

Piper Sandler raised the firm’s price target on Itron (ITRI) to $124 from $119 and keeps a Neutral rating on the shares. Entering earnings, the firm was concerned about guidance given the declining 12-month backlog and recent guidance from AMI peers. Piper’s concerns proved unfounded as revenues were in line with Street expectations and EPS guidance was more favorable than anticipated.