In a bid to create a more flexible and independent way to manage water distribution networks for utilities in Germany, Itron Inc. (ITRI) has teamed up with Digimondo to integrate its Cyble 5 communications module with the latter’s IoT software.
Shares of Itron gained 2.2% to close at $97.75 on June 8. (See ITRI stock analysis on TipRanks)
Digimondo, a market pioneer in LoRaWAN-based software solutions in Germany, develops Internet of Things (IoT) software systems and helps its customers implement IoT solutions independently.
The combination of Itron’s expertise in smart metering with Digimondo’s IoT software will help utilities create and operate their own LoRaWAN-based network for remote reading of water meters.
Itron’s senior VP of devices said, “With more than 200 million endpoints delivered, we are committed to bringing our expertise to utilities operating under industry-wide networks.”
He added, “By collaborating with Digimondo, we are able to offer our German customers a flexible way to manage and monitor their distribution network.”
Post the company’s quarterly results, Oppenheimer analyst Noah Kaye reduced the price target from $127 to $105 (7.4% upside potential) and reiterated a Buy rating.
Despite upbeat results, Kaye lowered his full-year sales and margin expectations for the coming quarters based on his view of re-ramping challenges across the industrial economy in the second half of the year.
Overall, the stock has a Strong Buy consensus rating based on 8 Buys and 1 Hold. Itron’s average analyst price target of $112.75 implies 15.4% upside potential from current levels. Shares of ITRI have jumped 37.5% over the past year.
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