UPDATE: Wunderlich Lowers PT on Itron to $22

Wunderlich is out with its report today on Itron

, lowering its PT from $38 to $22. In its report, Wunderlich writes, "We reiterate our Sell rating on Itron, Inc. shares. We believe that once the stimulus-driven meter demand in North America ends, the organic growth for electric meters will turn negative. We don't believe the Street has prepared for this and thus we believe the stock is likely to come under pressure from repeated downward estimate revisions. We've been calling attention to this issue since our January 11 report and we update that report today and add additional tables. We have lowered our 2012 estimates and reviewed our DCF, which sets a new price target at $22, down from $38." At the time of posting, shares of ITRI were trading at $32.30, down 0.95% from Wednesday's close.