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Strategies & Market Trends : Guidance and Visibility

AAPL 274.11

-1.5%

3:59 PM EST

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To: Dave Gore who wrote (61602)	7/22/2002 4:07:02 PM
From: Kaliico	Read Replies (1) of 208838

ITRI : Dave I agree, I read this from First Albany. Only thing I could find. I am waitng for a market or news bounce first. GNSS started getting similar press around 35 only to get obliterated. In emotional times like this, the short hedgies seem to have jumped on it. Early Thursday, First Albany Analyst Sanjay Shrestha downgraded the stock to "underperform" from "neutral," citing a "meaningful" sequential 15 percent decline in 12-month backlog to $95 million. Shrestha also stated concern over pricing pressure that Itron has been encountering from competitors like Schlumberger (SLB: news, chart, profile). To meet its revenue growth target for 2003, Itron needs to "sign a large contract similar in size" to the deal it struck in the United Kingdom with utility operator National Grid, Shrestha said. Shrestha also expressed worry over Itron's revenue outlook. The company maintained its outlook for all of 2002, he said, adding that this suggests management believes the rest of the year could be weaker than the first half on a year-over-year basis

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