Wunderlich Securities Lowers Itron To Sell, PT To $44 (ITRI)

Wunderlich Securities downgraded Itron ITRI from Hold to Sell and lowered Itron's price target from $63 to $44 in a research report published today. In the report, Wunderlich Securities states, "Itron (ITRI) reported 1Q11 results on Wednesday, April 27, after the close. The company beat consensus revenue and non-GAAP EPS of $550 million and $0.94 by reporting revenue and non-GAAP EPS of $564 million and $0.99, respectively. Despite that, we believe revenue growth for Itron has peaked in the near term and barring a significant uptick in housing starts, revenue may begin to decline in late 2012 as stimulus-funded spending declines." Shares of Itron were trading at $54.85 at the time of posting, down 0.80% from Wednesday's market close.