Maxim starts Ituran at Buy on expanding total addressable market

As previously reported, Maxim initiated coverage of Ituran (ITRN) with a Buy rating and $70 price target The firm expects demand for the company’s telematics services and stolen vehicle recovery, as well as growth in its recurring revenue, to be driven by higher vehicle theft incentives from insurance companies, auto OEM partnerships, and relationships with financing companies, the analyst tells investors in a research note.