Oppenheimer Reiterates Perform on ITT Corp. (ITT) After Meeting with Management
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Oppenheimer reiterated a Perform rating on ITT Corp. (NYSE: ITT) after meeting with management. Management was upbeat, particularly regarding its growth prospects in MT and its ability to flex down its cost structure to better match the current lower demand environment in IP.
Analyst Jim Giannakouros commented, "We recently met with CEO Denise Ramos, diving into IP pressures/strategies as well as MT's underappreciated growth prospects. We came away incrementally cautious on IP's prospects for run-rate stability (baseline/AM visibility just isn't there, project activity remains subdued and competitively priced). We believe risks for another IP revenue expectations reset (vs. current consensus -4% y/y declines in '17E) may be growing, absent an acceleration in orders (organic down DD YTD) or project completions. On the other hand, MT's success (market share gains in every geography) intrigues us, while at the same time we appreciate investor sentiment on anything auto (MT EBIT now >50% of consolidated) may remain subdued (capping multiple expansion potential off current MSD EV/EBITDA levels) in the intermediate term."
Shares of ITT Corp. closed at $36.21 yesterday.
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