Itron price target raised to $119 from $110 at Piper Sandler

Piper Sandler raised the firm’s price target on Itron (ITRI) to $119 from $110 and keeps a Neutral rating on the shares following “solid” Q3 results. According to the firm, EBITDA exceeded expectations on higher devices revenues and lower operating expenses. Piper believes that 2025 will be much more back-end weighted than the Street anticipates and the potential exists for declining earnings next year. Despite 2025 risks, the firm thinks the broader demand tailwinds remain intact given rising electric utility capital expenditures with a rising mix of distribution capital.