Itron price target lowered to $121 from $124 at Piper Sandler

Piper Sandler lowered the firm’s price target on Itron (ITRI) to $121 from $124 and keeps a Neutral rating on the shares. The firm highlights a nice start to 2025 with EBITDA/EPS beating Street estimates by 8%/17%, respectively, as record margins within Devices offset the slight revenue miss. Management indicated that while the record margins are unlikely to represent the new baseline, the segment should deliver high-20 margins moving forward, above 2027. Regarding tariffs, Itron outlined a $15M net EBITDA headwind that will be primarily realized in the second half of the year given the current inventory buffer, the firm says.