UPDATE: Jefferies Downgrades Itron to Hold on Weak Order Wins

Jefferies downgraded Itron

from Buy to Hold. Jefferies noted, "The industry is moving back to the mean after stimulus drove above average growth rates for the sector in 2009-2012. Weakness is expected for the next few quarters and has been well telegraphed by management. However, in the absence of near-term order wins, overly optimistic consensus estimates, as well as an uncertain trajectory for ITRI's core business in the next 2 quarters, we are moving to the sidelines." Itron closed at $44.98 on Wednesday.