As previously reported, Maxim initiated coverage of Iteris with a Buy rating and $11 price target. The company is on track to deliver its “best performance” in FY24 following supply chain and labor issues in FY23, driven by higher margin and recurring revenue software, the analyst tells investors in a research note. Iteris management is also “optimistic” based on its FY27 target for a revenue CAGR of 14%-16% and adjusted EBITDA margin expansion to 16%-19%, the firm states, noting that the stock’s enterprise value to expected FY25 EBITDA multiple of 9.5-times represents “compelling” valuation.
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