Deutsche Bank Initiates Coverage on ITT Education (ITT) with a Buy; Ivy League at Night-School Prices
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Deutsche Bank initiates coverage on ITT Education (NYSE: ESI) with a Buy rating and $125 price target.
Deutsche analyst says, "ITT has industry-leading margins despite its 80% exposure to associate's programs, and has grown enrollment above the industry average since '05, in spite of being predominately an on-ground program. This highlights how well ITT is run. Given associate's degrees are more cyclically sensitive, we believe ITT has the best chance to outpace the peer group and exceed consensus expectations, thus our Buy. We have 1Q09E EPS of $1.42, 2Q09E at $1.60, and '09 at $6.78 (Street $6.60) versus guidance of $6.25 to $6.45...Enrollment growth should reaccelerate and the margin story is not over."
To see more analyst ratings on ITT Click Here.
ITT Corporation (ITT), is a global multi-industry company engaged directly and through its subsidiaries in the designing, manufacturing and sale of range of engineered products.
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