ITT Corp (ITT) Gets a Buy Rating from Oppenheimer

In a report released yesterday, Bryan Blair from Oppenheimer maintained a Buy rating on ITT Corp (NYSE: ITT), with a price target of $67. The company’s shares closed yesterday at $52.75.

Blair noted:

“We highlight ITT as our top pick into 3Q18 earnings, anticipating continued operational momentum (building on two consecutive quarters of record sales, adj. EBIT, and earnings) with better appreciation for double-digit adj. EPS/cash flow growth runway going forward. Our thesis continues to anchor on ITT’s impressive share gains (particularly Friction OE, underpinning our outlook for sustained MSD+ core MT growth) and solid/improving execution across platforms (excluding growth, >$0.50 core operational upside vs. our ’19E EPS). Adding ITT’s increasing balance sheet optionality (modest debt levels, dry powder approaching $1B) and discounted valuation (<9x '19E EBITDA), we remain constructive 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 -3.2% and a 23.1% success rate. Blair covers the Industrial Goods sector, focusing on stocks such as Lincoln Electric Holdings, Watts Water Technologies, and Carlisle Companies Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for ITT Corp with a $67.13 average price target, implying a 27.3% upside from current levels. In a report issued on October 12, Gordon Haskett Capital Corporation also initiated coverage with a Buy rating on the stock with a $60 price target.

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The company has a one-year high of $63.04 and a one-year low of $46.05. Currently, ITT Corp has an average volume of 624.5K.

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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.