Wells Fargo Starts ITT Corp. (ITT) at Market Perform; Still Questions Regarding Student Financing
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Price: $219.40 +1.25%
Rating Summary:
16 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
16 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wells Fargo initiates coverage on ITT Corp. (NYSE: ITT) with a Market Perform. PT range $55-59.
Analyst, Trace A. Urdan, said, "The company is contending with cyclical demand pressure given prospective students’ antipathy toward borrowing and skepticism regarding the post-graduation employment market. But we think the larger issue weighing on shares is how students can consistently and reliably fund the portion of their tuition not covered by Stafford loans and Pell grants. The current approach of anonymous ad hoc financing tranches with recourse to the company and no explicit information regarding student performance is problematic for investors. Our 2012 and 2013 EPS estimates are $8.65 and $8.47, respectively."
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 $19.04 yesterday.
Analyst, Trace A. Urdan, said, "The company is contending with cyclical demand pressure given prospective students’ antipathy toward borrowing and skepticism regarding the post-graduation employment market. But we think the larger issue weighing on shares is how students can consistently and reliably fund the portion of their tuition not covered by Stafford loans and Pell grants. The current approach of anonymous ad hoc financing tranches with recourse to the company and no explicit information regarding student performance is problematic for investors. Our 2012 and 2013 EPS estimates are $8.65 and $8.47, respectively."
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 $19.04 yesterday.
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