KeyBanc Upgrades ITT Corp. (ITT) to Overweight
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KeyBanc upgraded ITT Corp. (NYSE: ITT) from Sector Weight to Overweight with a price target of $40. Analyst Jeffrey D. Hammond sees valuation as compelling.
"In short, we view ITT earnings trajectory as fully de-risked following the Company's 3Q16 earnings and updated outlook and view valuation as compelling at current levels. In our view, ITT shares do not reflect the true valuation of its best-in-class Motion Technologies and does not bake in any meaningful recovery in its Industrial Process business, which appears to be at trough levels," said Hammond.
Shares of ITT Corp. closed at $33.26 yesterday.
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