Itron initiated with a Buy rating, $131 fair value estimate at Janney

As previously reported, Janney Montgomery Scott initiated coverage of Itron with a Buy rating and $131 fair value estimate. Itron has a niche within grid edge hardware and services that is “interesting” in the context of broader power market trends, the analyst tells investors. The company’s penetration with its utility customer base and balance sheet look “primed to benefit from M&A,” notes the firm, which sees more upside from earnings growth, both organic and due to M&A, and improving profitability metrics.