ITRI - Itron a new best idea in clean tech for 2022 Raymond James recommends

Itron (NASDAQ:ITRI) is tapped as a "contrarian, beaten-down clean tech idea for 2022" at Raymond James, which reiterates a Strong Buy rating on the stock that has slumped 30% this year after tripling in 2020. Power grid modernization is "a theme to which Itron is uniquely leveraged among U.S.-listed companies," Ray Jay's Pavel Molchanov writes, adding the stock is "far from a crowded trade; after the supply chain issues that hit the stock in August, erasing its earlier outperformance for the year, this is quite a contrarian idea." After punishing the stock for the supply chain problems, Molchanov thinks investor are overlooking Itron's "high-margin, software-focused Outcomes segment [which] reached 12% of the revenue mix in 2021, up from 9% three years ago - this growth being entirely organic - and is set to increase further from here." The analyst sees supply chain headwinds starting to dissipate, which should lead to a

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Itron a new best idea in clean tech for 2022, Raymond James recommends