TD Cowen analyst Joseph C Giordano maintained a Buy rating on ITT (ITT – Research Report) yesterday and set a price target of $170.00.
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Joseph C Giordano has given his Buy rating due to a combination of factors that highlight ITT’s strategic evolution and growth potential. The company has transitioned from a collection of independently cyclical businesses to a well-managed portfolio with a strong thematic focus, supported by a robust balance sheet. This transformation is reflected in the re-rating of its shares, positioning ITT as a ‘compounder’ class stock.
Moreover, ITT’s strategic plan includes a significant M&A component, with an annual deployment target of $500M to $700M in flow and connector markets, aiming for high single-digit to low single-digit growth and attractive margins. The company’s focus on innovation and organic growth, as evidenced by new product developments like the VIDAR, further supports its growth trajectory. These elements, combined with favorable margin targets and expected EPS growth, underpin Giordano’s positive outlook and Buy rating for ITT.
In another report released on May 16, KeyBanc also reiterated a Buy rating on the stock with a $180.00 price target.