Barclays Maintains an 'Equalweight' on ITT Corp. (ITT); Updating View Post Break-up
Tweet
Share
E-mailGet Alerts ITT Hot Sheet
Price: $208.02 -0.06%
Rating Summary:
16 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
16 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Barclays maintains an 'Equalweight' on ITT Corp. (NYSE: ITT) price target cut from $46 to $21.
Barclays analyst says, "We are continuing coverage of ITT following the spin-off of the water and defense businesses. We maintain our EW rating and see sector average growth with limited near-term catalysts and churn related to the recent separation. ITT's later cycle operating leverage and cash deployment could prove better than we forecast and drive us to a more differentiated view. Our price target goes to $21 from $46 largely as a result of the break-up and is 14x our 2012E EPS. This implies ~5% potential upside. This multiple seems reasonable and compares to a group average of 15x 2012E EPS."
"On the positive side: ITT's end market and geographic exposures are generally attractive given our bullish view on the cycle...On the negative side: We see uncertainties in the newly independent structure...Management is less proven than our average company and depth is unclear."
For an analyst ratings summary and ratings history on ITT Corp. click here. For more ratings news on ITT Corp. click here.
Shares of ITT Corp. closed at $19.97 yesterday.
Barclays analyst says, "We are continuing coverage of ITT following the spin-off of the water and defense businesses. We maintain our EW rating and see sector average growth with limited near-term catalysts and churn related to the recent separation. ITT's later cycle operating leverage and cash deployment could prove better than we forecast and drive us to a more differentiated view. Our price target goes to $21 from $46 largely as a result of the break-up and is 14x our 2012E EPS. This implies ~5% potential upside. This multiple seems reasonable and compares to a group average of 15x 2012E EPS."
"On the positive side: ITT's end market and geographic exposures are generally attractive given our bullish view on the cycle...On the negative side: We see uncertainties in the newly independent structure...Management is less proven than our average company and depth is unclear."
For an analyst ratings summary and ratings history on ITT Corp. click here. For more ratings news on ITT Corp. click here.
Shares of ITT Corp. closed at $19.97 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
- Clear Street Reiterates Buy Rating on Anterix Inc. (ATEX)
- Mizuho Reiterates Outperform Rating on Broadcom Limited (AVGO) Into EPS
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
BarclaysSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
