Itron price target raised to $120 from $82 at Argus

Argus raised the firm’s price target on Itron to $120 from $82 and keeps a Buy rating on the shares. The company has been shifting its focus from standalone ‘noncommunicating’ devices toward smart networks and customized solutions and should see growth opportunities in the coming years as customers work to strengthen their infrastructure and grid management capabilities, the analyst tells investors in a research note. Argus adds that it sees Itron as well-positioned for an economy focused on improved resource management and expects it to benefit over time from increased U.S. infrastructure spending.