) with a Buy rating and $47.00 price target. In the report, Stifel noted, “We are initiating coverage of ITT Corporation (ITT) with a Buy rating on the shares. ITT is a leading global diversified manufacturing company with businesses in automotive, chemical, energy, aerospace, industrial, and mining markets. Although ITT operates in cyclical end markets, the company has a good mix of early, mid, and late cycle end markets along with significant aftermarkets which helps to dampen cyclicality. Despite capital spending delays in 2012-2013 ITT has grown revenues above 5% organically during the period and we expect that to continue and potentially accelerate with large project releases and geographical expansion. We forecast an organic revenue CAGR of 5.8% over the next three years.” ITT closed on Tuesday at $40.59.