New York, October 6 (FinanceEnquiry.com) – Analyst Vishal Shah at Deutsche Bank Securities reiterates his HOLD rating on the shares of Itron, Inc (NASDAQ: ITRI). The 12-month target price is set to $38.
In a research note published on October 4, the analyst mentions that from SoCalGas that comprises a smallest amount of 1.2 million residential gas meters, 0.2 million residential curb meters, 0.05 million light commercial meters, 0.5 million regulators and 0.1 million curb regulators, the reward of approximately 1.5 million gas meters was proclaimed by Itron on Thursday.
Moreover, not to forget that in early 2011, the communications piece of the contract was won by Esco Tech. In addition to this, over a period of 5 years, arrangements could stretch, however, by the fourth quarter of this year, installation is anticipated to start. Negligible impact to the results of 2013 is foreseen and any changes to the 2012 guidance of ITRI are not anticipated.
In order to obtain above-average margins, the higher value totted up curb meters stand from a point of view of margin, even though vital residential meters could probably have lower margins to some extent. For the shares, skidding backlog of AMI still stays an apprehension. Furthermore, estimated historical P/E analysis for the years 2012 and 2013 are 11.6 x and 11.2 x, respectively, while for 2011, actual P/E analysis was 10.7 x, the analyst adds further.
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