ITT Inc rises as BofA upgrades to "buy" on positive quarterly results
16/11/2023 13:16
** Shares of machinery and equipment manufacturer ITT Inc
ITT.N rise 1.4% to $109.00 premarket
** BofA Securities upgrades ITT's rating to "buy" from
"neutral", on co's resilient end market exposure(oil & gas,
auto, aerospace & defense) and underappreciated margin expansion
opportunities
** Brokerage raises price target to $125 from $105,
representing a 16% upside to the stock's last close
** Eleven of twelve brokerages rate the stock "buy" or
higher and one "hold"; their median PT is $122
** Earlier this month, ITT lifted its FY revenue forecast to
approx 9%, from a previous range of 7%-9% and adj EPS to
$5.15-$5.21, from previous range of $4.85-$5.05
** Up to Wednesday's close, stock had risen 32.5% YTD
(Reporting by Aatreyee Dasgupta)
((Aatreyee.Dasgupta@thomsonreuters.com))