In a report published Friday, Baird Equity Research analyst Michael Halloran upgraded the rating on ITT Corporation ITT from Neutral to Outperform, and raised the price target from $37.00 to $52.00.
In the report, Baird Equity Research noted, “We believe current price offers attractive long-term entry point given earnings power potential ($3.25-3.50+/share in 2015) driven by exposure to attractive secular end markets (late-cycle energy, global auto), margin expansion potential (internal initiatives, ICS turnaround, volume leverage), and potential capital deployment benefits. Primary catalysts for upgrade include increased confidence in anticipated late-cycle pump project inflection, improving global automotive trends, earlier-than-expected benefits from ICS restructuring, and strong 3Q execution. We are buyers with a new $52 price target.”
ITT Corporation closed on Thursday at $39.73.
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