Andrew Obin, an analyst from Bank of America Securities, reiterated the Buy rating on ITT. The associated price target was raised to $190.00.
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Andrew Obin has given his Buy rating due to a combination of factors including ITT’s strong market position and strategic investments. The company’s Motion Tech (MT) Friction facility in Barge, Italy, is a key contributor to its sustainable margins and growth potential. ITT’s focus on research and development, particularly in the automotive friction sector, positions it well to capitalize on regulatory changes and technological advancements, such as those related to electric vehicles and the upcoming EU7 regulations.
Additionally, ITT’s manufacturing scale and operational efficiency are significant advantages. With five global facilities that emphasize automation and quality, ITT achieves superior operating margins in its MT business. The company’s ability to release products ahead of regulatory changes allows it to gain pricing and market share advantages. These factors, combined with ITT’s commitment to reinvestment and innovation, support Andrew Obin’s confidence in the company’s future performance and justify the Buy rating.
In another report released on September 2, UBS also maintained a Buy rating on the stock with a $200.00 price target.