UPDATE: Morgan Stanley Lowers Itron's PT

According to a research report published this morning, Morgan Stanley has decreased Itron's

PT from $52 to $51. In the report, Morgan Stanley commented, "Itron handily beat top-line expectations but higher opex drives a 2% cut to our 2012 EPS. On the call, mgmt clarified that 1Q12 opex should not be annualized. As such, orders were resilient and end-market momentum is intact – maintain OW." Itron closed yesterday at $44.73.