Analyst Joseph C Giordano from TD Cowen maintained a Buy rating on ITT and keeping the price target at $190.00.
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Joseph C Giordano has given his Buy rating due to a combination of factors surrounding ITT’s strategic acquisition of SPX FLOW. The acquisition, valued at $4.8 billion, is ITT’s largest to date and is expected to be accretive to earnings. Despite SPX FLOW’s challenging history as a public company, ITT’s credibility and strategic planning earn them confidence from investors.
The deal is projected to be highly accretive, with significant synergies and a positive impact on earnings, even after accounting for equity issuance dilution. The restructuring of SPX FLOW has improved its profitability, and ITT’s management has demonstrated diligence and capability in executing the acquisition. The market’s response indicates trust in ITT’s ability to deliver on promised synergies and operational improvements, justifying the Buy rating.
According to TipRanks, C Giordano is a 5-star analyst with an average return of 9.7% and a 58.61% success rate. C Giordano covers the Industrials sector, focusing on stocks such as IDEX, ITT, and ABB Ltd.