Itron upgraded to Outperform from Perform at Oppenheimer

Oppenheimer upgraded Itron to Outperform from Perform with an $81 price target. Itron has reported multiple strong quarters on improving backlog conversion and favorable mix and with component lead times improving for passives and little changed for power and analog, the firm expects a “similar start to 2024,” the analyst tells investors. The firm, which also views the company’s upcoming investor day as a potential catalyst, believes Itron is capable of driving stronger operating leverage than consensus assumes and notes that its $3.51 adjusted EPS estimate is above the Street’s $3.13 forecast.