Itron

ITRI · NASDAQ

$84.62+$2.48 (+3.02%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $82.14

ITRI analyst rating

BuyConsensus of 9 analysts over the last 12 months. 78% rate it a buy.

Strong buy0
Buy7
Hold2
Underperform0
Sell0

12-month price target · 14 analysts

Average $133.50 (+57.8% upside)

Low: $116.15
Now: $84.62
High: $157.50

Upgrades and downgrades

The latest rating actions, newest first

ITRI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Needham	Jul 29, 2026	Maintains	Buy	$116.00 → $128.00	30%
Stephens & Co.	May 20, 2026	Maintains	Overweight	$130.00	72%
TD Cowen	Apr 29, 2026	Maintains	Buy	$145.00 → $130.00	27%
JP Morgan	Apr 16, 2026	Maintains	Overweight	$133.00 → $113.00	48%
Oppenheimer	Apr 16, 2026	Maintains	Outperform	$133.00 → $135.00	59%
Needham	Mar 6, 2026	Initiates	Buy	$124.00	30%
Oppenheimer	Feb 18, 2026	Maintains	Outperform	$125.00 → $133.00	59%
Baird	Feb 18, 2026	Upgrade	Neutral → Outperform	$118.00 → $128.00	53%
Guggenheim	Feb 17, 2026	Downgrade	Buy → Neutral	—	55%
Guggenheim	Feb 13, 2026	Downgrade	Buy → Neutral	—	55%

The case for and against

Updated Oct 14, 2026

Bull case

Itron is well positioned to benefit from a sustained utility capex cycle, with management and the analysts citing visibility to MSD%/HSD% sales growth and +teens% adjusted EBITDA CAGRs as aging grids face AI-driven load growth. Its appeal is reinforced by a #1 position in grid automation, a 17-million-endpoint installed base, and ARR already comprising a high-teens percentage of sales, which support recurring revenue expansion through higher-value DI endpoints and outcomes-based solutions. Despite near-term timing noise and a 0.87x TTM book-to-bill, the pipeline is near all-time records, gross margins have improved sharply, and 2Q26 revenue guidance of $560-$570 million still fits a back-end-loaded 2026 setup.

Bear case

Itron is facing a negative setup because its core utility end market remains highly budget- and regulation-dependent, with long and unpredictable sales cycles that can delay revenue conversion. Despite a strong 1Q26 beat, 2Q26 guidance came in below expectations, 2026 remains back-end loaded, and backlog slipped to $4.4 billion from $4.5 billion, pointing to softer near-term momentum. While adjusted EBITDA reached $92.0 million and gross margin hit a record 40.7%, free cash flow of $79.0 million missed consensus, underscoring execution and cash conversion risk in a fragmented, competitive IIoT market.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.