JPMorgan analyst Mark Strouse upgraded Itron to Neutral from Underweight with a $68 price target. Following above-average volatility for the alternative energy sector in 2023, the analyst believes investors should remain selective in 2024. Investor sentiment is weak, which provides “dry powder for positive surprises,” but JPMorgan still sees “speed bumps for certain sub-sectors,” says the analyst. The firm believes long-term industry fundamentals will continue to improve regardless of policy, but adds the election could create volatility for the stocks. It upgraded Itron as part of its 2024 outlook.
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