02:10 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target to $111 from $93 on 25x our '25 EPS view, lower than ITRI's one-year average. We up our '24 EPS view to $4.03 from $3.51 and 25's to $4.45 from $3.71. ITRI posted Q1 EPS of $1.24 vs. $0.49, beating consensus by $0.40. Revenue rose 22%, driven by previously constrained revenue and continued customer demand. Device Solutions grew 7% on growth in smart water and communication module sales, while Networked Solutions soared 30% on improved component supply and new project deployments. Outcomes revenue also increased 10% on recurring revenue and services. Gross margin expanded 240 bps to 34% on favorable product mix. We are encouraged by ITRI's Grid Edge Intelligence platform as customers accelerate new digital technology and non-wire grid solutions. Looking ahead, we expect ITRI to benefit from strong tailwinds in 1H 24 with strong demand and new projects leading to higher margin software sales. Yet, we caution against potential headwinds in 2H 24 stemming from component shortages.