It’s been a rough few months for Itron (ITRI), culminating in a 10% plunge several days on news it has likely lost a big smart meter deal with Sempra Energy (SRE) to Esco Technologies (ESE). After the bell today, the stock is continuing to erase that loss after the company reported strong results after the bell.
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Itron (ITRI) smashed analyst estimates, posting a Q2 non-GAAP EPS … Read the rest
Sempra Energy (SRE) will soon make an announcement as to which company will win the estimated $400 million smart meter contract. It had been thought that Itron (ITRI) would win the contract, but today Esco Technologies (ESE) announced it was selected by Sempra for “negotiation of a definitive agreement”.
RBC Capital Markets analyst Stuart Bush called the move unusual and said it implies Esco has a leading position in negotiations. Stifel Nicolaus analyst Jeff Osborne … Read the rest
Jesse Pichel, who was formerly at Piper Jaffray, is now at Jefferies and initiating coverage on many green stocks. Hat tip to Street Insider for the ratings.
Buy Rating:
JA Solar (JASO) – $8 price target
Yingli Green Energy (YGE) – $15 price target
Trina Solar (TSL) – $35 price target
Itron (ITRI) – $74 price target
EnerSys (ENS) – $28 price target
American Superconductor (AMSC) – $35 price target
EnerNOC (ENOC) – $38 price … Read the rest
Spain’s top energy company and one of the world’s largest utility companies, Iberdrola, has selected Itron’s (ITRI) smart meter technology for the first phase of its smart meter rollout. Itron will provide the development and integration of the smart meters and the data management software to go with it. The initial deployment calls for 100K meters in the city of Castellon, Spain to be completed by the end of this year with the potential for … Read the rest
Itron just announced a new partnership with Ruggedcom to help both companies increase their smart-grid related business. Under the agreement, Ruggedcom’s RuggedMAX product will be integrated into Itron’s OpenWay smart metering product to provide utilities with an extra WiMAX backhaul communications option.
In a press release, Elik Jaeger, Vice President of RuggedWIRELESS for RuggedCom, commented on the agreement:
“The collaboration with Itron is part of our commitment to work with leading providers of Smart … Read the rest
Auriga has reversed its call after last week’s selling, upgrading SunPower (SPWRA) from Sell to Hold. “Shares of SPWRA are now trading below our price target of $15 and are essentially 1.0x book value of $14.26.” The firm expects the company’s presentation following its earnings report tomorrow to be optimistically bullish. While demand for solar continues to improve, the still believe that margins will erode due to increasing competition and maintain the $15 price target. … Read the rest
Deutsche Bank is out with Buy ratings this morning after First Solar (FSLR) and Itron (ITRI) reported strong earnings results last night.
They have upgraded First Solar (FSLR) to Buy and raised the price target from $125 to $155. “The company has demonstrated great flexibility with its business, and has built a captive project pipeline that can insulate the company should individual markets wither, or module ASPs come under great pressure.”
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After last quarter’s earnings report I declared that Itron (ITRI) had finally turned the corner and after another quarter of smashing estimates it appears they’re turning that corner up on two wheels, smoke billowing out the back. The company smashed EPS and revenue estimates after the bell today posting a non GAAP EPS of $1.01 (really .75/share if you take out .26/share tax benefit) on revenues of $499 million. That’s still way ahead of the … Read the rest
Both Deutsche Bank and Canaccord Adams are reiterating their Buy rating on Itron (ITRI) ahead of earnings after the bell tomorrow. Both raised the price target from $80 to $85.
Deutsche believes Itron’s Q1 results will exceed expectations and that “improving macro trends were only partially offset by FX (3% Q/Q) and Cu headwinds.”
Canaccord said, “In short, Itron is beginning to benefit from much better OpenWay capacity utilization, as customers look to notably accelerate … Read the rest
A few more analyst calls this morning. Collins Stewart has downgraded shares of Canadian Solar (CSIQ) from Buy to Hold and has a $20 – 24 price target on it. They believe that while strong demand has led to a firming of module prices, but it’s so strong that its pulling up the prices of cells and wafers which may weigh on CSIQ margins. Shares of CSIQ are trading down 5% today and appear headed … Read the rest