In a report released yesterday, Bryan Blair from Oppenheimer reiterated a Buy rating on ITT Corp (ITT), with a price target of $68. The company’s shares closed yesterday at $56.96.
Blair wrote:
“While ITT’s 1H19 outlook is affected by the global auto slowdown (WLTP and FX adding further noise), we anticipate continued market outperformance and see essentially no change to MT’s share-gain plus execution upside over the coming years. Given MT’s impressive track record (consistent outgrowth, vastly superior margin/returns profile vs. auto “peers”) and visibility to 2019-20 OE acceleration, we continue to view the divergence between platform fundamentals and valuation (market-implied ~7x EBITDA) as a compelling opportunity. Adding share gains and solid/improving execution across IP and CCT (potential upside vs. estimates), along with significant balance sheet optionality (pro forma Rheinhutte, dry powder >$800M), we remain bullish on the near and longer term setup for shares.”
According to TipRanks.com, Blair is a 3-star analyst with an average return of 1.7% and a 55.6% 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 $65.83, representing a 15.6% upside. In a report issued on March 15, Cowen & Co. also maintained a Buy rating on the stock with a $67 price target.
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Based on ITT Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $51.9 million. In comparison, last year the company had a GAAP net loss of $67.2 million.
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ITT, Inc. engages in the manufacture and sale of engineered components and customized technology solutions in the field of energy, transportation, and industrial markets. It operates through the following segments: Motion Technologies, Industrial Process, and Connect and Control Technologies.
