Citi Initiates Coverage on ITT Corporation (ITT) with a Neutral
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Citi initiates coverage on ITT Corporation (NYSE: ITT) with a Neutral.
Citi analyst says, "ITT is a multi-industry play with 1) dominant shares in market niches, 2) a relatively recession-resistant mix, and 3) financial flexibility. However, we expect only 2-3% EPS gain in C09E from 1) 3% organic sales gains at Defense (55% of C09E sales; 52% of profits), 2) modest margin lift (+30 bps) and 3) lower int. exp. (+$0.08/sh). We initiate at Neutral as our C09E EPS are below consensus, sentiment is positive, and valuation exceeds that of defense peers that have higher est. EPS growth, FCF and dividend yields with similar or less leverage. The next catalyst is ITT's initial C09E guidance, circa mid-Dec."
ITT Corporation (ITT) is a global multi-industry company engaged directly and through its subsidiaries in the design and manufacture of a range of engineered products and related services.
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