Here is Why Itron (ITRI) is Highly Favored by Hedge Funds

Itron Inc. (NASDAQ:ITRI) is one of the 7 best electronic equipment stocks to buy according to hedge funds.

As of the April 10 close, Itron Inc. (NASDAQ:ITRI) had a strongly bullish consensus sentiment. The stock received coverage from 7 analysts, 6 of whom assigned Buy ratings and 1 gave a Hold call. With no Sell rating, the stock has a projected median 1-year price target of $135.50, which leads to an upside potential of more than 43%.

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On March 6, Needham set a price target of $124 for Itron Inc. (NASDAQ:ITRI) and assigned it a Buy rating. This yields an upside potential of more than 31% at the current level.

This rating is based on the company’s structural strength across the smart metering sector covering North America. According to the firm, the enterprise commands 64% of network endpoints and 35% of the installed base.

The company is in the midst of a multi-year Advanced Metering Infrastructure 2.0 replacement cycle. Even though immediate organic growth seems small, the firm points to the extended margin goal reset and cross-selling into the present client base as significant drivers that are not yet reflected in consensus estimates.

Itron Inc. (NASDAQ:ITRI) operates as a tech-based company offering a range of complete solutions to manage water, energy, and smart city functions. Its product portfolio includes communication devices, hardware, and various software products. It also provides analytical services to its clients through statistical modeling, AI, and machine learning.

While we acknowledge the risk and potential of ITRI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ITRI and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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