JPMorgan upgrades Itron to Overweight, says ‘buy the dip’

JPMorgan upgraded Itron (ITRI) to Overweight from Neutral with a price target of $145, up from $128, after the company reported Q2 gross margin, EBITDA and EPS above expectations on in-line revenue. FY25 EPS guidance was increased, though the revenue outlook was lowered to reflect timing delays in backlog deliveries, the analyst noted. The firm, which remains “encouraged” with Itron’s margin trajectory and views revenue timing headwinds as temporary, believes investors “should buy the dip.”