Needham analyst Sean Hannan lowered his price target on Itron to $75 following the announcement that the company's CEO is retiring while also separately adjusting his FY19 model to more conservative estimates. The analyst notes that his rolled out FY20 EPS view of $4.25-$4.50 assumes a 17- to 18-times earnings multiple, down from the more aggressive 21-times valuation assumed for FY19, given the risks that include a "significant capital spending curtailments at utilities and inability to profitability ramp new technologies". Longer term, Hannan keeps his Buy rating on Itron, citing its potential for "future revenue growth, mix migration, and cost removals/improvements".