In a report released today, 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 $54.60.
Blair said:
“We met with CFO Tom Scalera at ITT headquarters, with topics spanning MT Friction’s unique market position (share-driven growth runway into the 2020s), strong execution and profit trajectory across platforms (IP and CCT on track for triple- digit ’18 margin expansion), capital deployment strategy, and Luca Savi’s leadership style. Following three consecutive quarters of record sales, adj. operating income, and EPS, the discussion affirmed ITT’s operational momentum remains intact with solid prospects for ’19-’20 upside vs. expectations. While external factors (e.g., tariff, interest rate impact) are watch items for essentially all companies, we believe ITT is well positioned for sustained double-digit core EPS growth (innovation/share-based revenue outperformance, self-help margin benefits) with strategic M&A affording further upside. Reiterate Outperform.”
According to TipRanks.com, Blair is a 1-star analyst with an average return of -4.1% and a 38.1% 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.
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ITT Corp’s market cap is currently $4.78B and has a P/E ratio of 22.56. The company has a Price to Book ratio of 2.68.
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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.
