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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

DateFirmActionFromTo
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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