Barclays Maintains an 'Equalweight' on ITT Corp. (ITT); Uncertainty PEAKS; In-Line 3Q;

Barclays maintains an 'Equalweight' on ITT Corp. (NYSE: ITT) price target lowered from $83 to $77.

Barclays analyst says, "Yesterday, ESI reported solid 3Q'11 results given the challenging environment, including lower costs and buybacks which drove an EPS beat. However, new student starts declines continued, which is driving significant negative operating leverage. On a positive note, ESI stated that it has seen some improvement in admissions productivity, and that leading indicators for the December term have improved somewhat from where they were ahead of the September term. Combined with easier comps, this seems likely to lead to smaller y/y starts declines in future quarters."

"We are raising our '11-'12 EPS estimates by $0.08/$0.17 to $10.55/$7.72 (-5%/-27% y/y), and trimming our price target to $77."

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 $43.70 yesterday.

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