In a report released yesterday, Bryan Blair from Oppenheimer maintained a Buy rating on ITT Corp (ITT), with a price target of $68. The company’s shares closed yesterday at $50.90.
Blair commented:
“We remain constructive on each of ITT’s platforms, anticipating continued operational momentum (building on three consecutive quarters of record sales, adj. operating income, and earnings) with better market appreciation for the “gems” comprising the business portfolio over 2019-20. We view the greatest disconnect (opportunity) between fundamentals and valuation in MT, a world-class business (established share-gain story with a superior margin/returns profile) valued at a market-implied multiple of ~6-7x EBITDA. Adding share gains and solid/improving execution across IP/CCT and increasing balance sheet optionality (dry powder approaching $1B), we view cycle and FX concerns as overstated and remain bullish on the near- and longer term upside for shares. Reiterate Outperform.”
According to TipRanks.com, Blair is a 1-star analyst with an average return of -9.2% and a 24.0% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Carlisle Companies Incorporated, Lincoln Electric Holdings, and Watts Water Technologies.
Currently, the analyst consensus on ITT Corp is a Strong Buy with an average price target of $63.25.
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ITT Corp’s market cap is currently $4.46B and has a P/E ratio of 21.03. The company has a Price to Book ratio of 2.50.
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ITT, Inc. engages in the provision of engineering and technology. Its activities include manufacture and sale of engineered components and customized technology solutions in the field of energy, transportation, and industrial markets.
