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Jefferies Maintains Buy on Itron after Elster Group Acquisition Discussion

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Jefferies & Company has published a research report on Itron (NASDAQ: ITRI) after competitor Elster Group (NYSE: ELT) confirmed acquisition talks.

In the report, Jefferies writes, "This morning, before the open, Elster (ELT, NC) confirmed it was in discussions with British buy-out company Melrose PLC (MRO.LN, NC) to acquire all outstanding shares of Elster for $20.50 per ADS or approximately $2.3B on a fully diluted basis. Elster is Itron's closest pure-play metering comp and ITRI is up on the news. At the proposed offer, shares of ITRI would be valued at $55+; we reiterate Buy rating."

Jefferies maintains its Buy rating and $45 price target on Itron, which is currently trading up ~4% from Friday's $37.51 closing price.

Latest Ratings for ITRI

Sep 2014Canaccord GenuityMaintainsHold
Aug 2014Northland SecuritiesInitiates Coverage onMarket Perform
Aug 2014Brean CapitalUpgradesSellHold

View More Analyst Ratings for ITRI
View the Latest Analyst Ratings

Posted-In: Jefferies & CompanyAnalyst Color News Reiteration M&A Analyst Ratings


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