Itron price target raised to $109 from $103 at Piper Sandler

Piper Sandler analyst Kashy Harrison raised the firm’s price target on Itron to $109 from $103 and keeps an Overweight rating on the shares. The company reported a positive Q1 update with earnings beating estimates by 47% on much stronger gross margins, the analyst tells investors in a research note. The firm sees a high probability Itron raises its fiscal 2024 earnings guidance during the August update.