Itron downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Itron to Neutral from Overweight with an unchanged price target of $109. The comapny has capitalized on the improving semiconductor component environment and delivered a “powerful beat-and-raise story over the past year,” the analyst tells investors in a research note. While the firm sees some room for additional beats and raises through 2025, it also thinks this is reflected in the stock. Piper cites valuation for the downgrade and looks for a more favorable risk/reward in the future.