Cowen Updates Its Model Following ITT Corp. (ITT) 3Q Results; Cuts Price Target to $50
Cowen maintained an Outperform rating on ITT Corp. (NYSE: ITT), and cut the price target to $50.00 (from $52.00), following the release of the company's 3Q earnings.
Analyst Joseph Giordano commented, "Updating model post 3Q15 results. Maintain Outperform rating in a challenging industrial environment. Slight PT reduction to $50 from $52 to account for more conservative near-term market assumptions."
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Shares of ITT Corp. closed at $39.58 yesterday.