UPDATE: Stifel Downgrades ITT Corp. (ITT) to Hold
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(updated to add analyst comments)
Stifel analyst Nathan Jones downgraded ITT Corp. (NYSE: ITT) from Buy to Hold with a price target of $52.00 (from $84.00).
The analyst commented, "- We are moving to a Hold rating on ITT shares with a $52 target price. We are big fans of the operational improvements made, the opportunity to continue to drive improvement, the strong results of internal growth investments over the last several years, the opportunity to continue to drive market share gains, and the quality of management execution. We are moving to the sidelines based on our view that the majority of ITT's revenues face possibly severe near term demand headwinds (automotive, oil & gas, commercial aerospace), others face potential structural market changes (commercial aerospace, oil & gas, chemical), and the recovery could take longer than anticipated in some markets (automotive, commercial aerospace). For these reasons we are stepping to the sidelines on ITT shares for now."
Shares of ITT Corp. closed at $51.22 yesterday.
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