UBS Turns Bullish On ITT, Sees Attractive Entry Point

UBS Turns Bullish On ITT, Sees Attractive Entry Point
  • Diversified industrial conglomerate ITT Inc ITT has been upgraded to Buy from Neutral by UBS analyst Damian Karas.
  • The analyst lowered the price target to $95 (an upside of 31%) from $107.
  • According to the analyst, the stock's 22% decline year-to-date offers an attractive entry point.
  • Karas states that ITT presents a strong management team, balance sheet, and growth outlook driven by deferred auto production and a long cycle recovery in commercial aerospace.
  • Karas thinks negative sentiment around current supply chain challenges is masking the 29% earnings opportunity at the company.
  • Recently, Goldman Sachs lowered its price target to $94 (an upside of 29%) from $109 while maintaining the Buy rating for the shares.
  • Price Action: ITT shares traded higher by 1.65% at $72.70 on the last check Friday.
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