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Fly News Breaks for May 9, 2017
ITRI
May 9, 2017 | 07:26 EDT
Oppenheimer analyst Noah Kaye believes Itron's deal to acquire Comverge adds demand response and energy efficiency adjacencies to its platform and increasing total software/services revenue closer to 50% of its long-term $500M target. Further, the analyst says it also may suggest that organic development of new software/services business for utilities remains challenging, with partner ecosystems and selective acquisitions the most practical growth path. Kaye sees the possibility of further M&A given low leverage, and reiterates an Outperform rating and $71 price target on the shares.
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