ITT Corp. (ITT) PT Raised to $67 at Cowen

Cowen analyst, Joseph Giordano, raised the price target on ITT Corp. (NYSE: ITT) to $67.00 (from $61.00) while maintaining a Outperform rating following client meetings with management. Giordano believes the new CEO Luca Savi's vision will resonate with both investors and customers.

Giordano thinks Savi's first impressions with investors and customers will be positive. He spoke several times about introducing a "healthy paranoia" into the everyday thought process of ITT's employees. Incentive plans are being reworked to reward innovation and continue to penalize weak working capital performance.

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