Goldman Sachs Cuts Price Target on ITT Corp (ITT)

Goldman Sachs lowered estimates and its price target on Neutral-rated ITT Corp. (NYSE: ITT) from $65 to $64.

The firm lowered 2011-13 EPS estimates to $4.72/$5.00/$5.45 from $4.85/$5.15/$5.65 due mainly to lower defense margins.

Goldman's analyst commented "We continue to have a positive view of ITT's proposed spin of the water and defense businesses, balanced by a more negative view on defense fundamentals. While we have lowered 2012+ defense margin estimates, we believe risk remains to the downside as DoD spending remains under pressure and mix remains negative."

For more ratings news on ITT Corp. click here and for the rating history of ITT Corp. click here.

Shares of ITT Corp. closed at $53.34 yesterday.

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