Argus upgrades Itron to Buy amid strong demand, increased infrastructure spend

Argus upgraded Itron to Buy from Hold with an $82 price target. The company is well positioned for an economy that is focused on better resource management and should also benefit from increased infrastructure spending, the analyst tells investors in a research note. Itron management is also seeing strong demand in its higher-margin products and faster than expected improvement in component availability, having raised its 2023 guidance with its Q2 earnings beat last week, the firm added. Argus is also boosting its FY23 EPS view to $2.22 from $1.40 and its FY24 view to $2.69 from $2.38.