UPDATE: JP Morgan Downgrades Itron to Neutral on Risk/Reward, Guidance - Itron (NASDAQ:ITRI)

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JP Morgan downgraded Itron (NASDAQ: ITRI) from Overweight to Neutral and lowered the price target from $47.00 to $45.50.JP Morgan noted, "Initial revenue guidance for 2013 captures consensus expectations but is back-end loaded and visibility is impaired by the conclusion of major U.S. Openway AMI projects. 2013 EPS guidance is disappointing owing to elevated R&D and S&M expense originating in the need to invest ahead of International AMI program awards; for which the new CEO made a convincing case. We are trimming estimates to align with guidance, and lowering our Price Target accordingly. We remain constructive regarding the meter industry's long-term prospects, and Itron's strong position in international markets, but ITRI stock is trading close to our revised PT of $45.50."Itron closed at $47.85 on Wednesday.

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