B.Riley FBR Reaffirms Their Buy Rating on Iteris (ITI)

By Ryan Adsit

In a report released today, Jeff Van Sinderen from B.Riley FBR reiterated a Buy rating on Iteris (ITIResearch Report), with a price target of $8.50. The company’s shares closed last Monday at $5.69, close to its 52-week high of $5.90.

Van Sinderen wrote:

“In light of recent business momentum, we are previewing 2Q results early (anticipated first week of November) and we expect sequential improvement in Y/Y growth, as the FY unfolds. Since the company completed its offering of common shares in mid-June (6/19), Iteris (ITI) has continued to accumulate numerous wins through both new contracts and extensions of existing contracts. We believe that these recent contract wins underscore solid continued prospects for growth, especially in the Systems and Ag/Weather segments going forward. We point out that the recent deal with KWS SAAT (KWS), one of the world’s leading plant breeding companies, represents yet another potential enterprise deal for the Ag/Weather segment.”

According to TipRanks.com, Sinderen is a 1-star analyst with an average return of -2.4% and a 44.1% success rate. Sinderen covers the Consumer Goods sector, focusing on stocks such as Universal Electronics, Celsius Holdings Inc, and Chromadex Corp.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Iteris with a $8 average price target, which is a 47.1% upside from current levels. In a report issued on August 27, Dougherty also initiated coverage with a Buy rating on the stock with a $6.50 price target.

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Based on Iteris’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $1.57 million. In comparison, last year the company had a GAAP net loss of $1.58 million.

Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ITI in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Iteris, Inc. engages in the provision of information solutions for both the traffic management and global agribusiness markets. It operates through the following segments: Roadway Sensors; Transportation Systems; and Agriculture and Weather Analytics.