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Fly News Breaks for December 10, 2019
Dec 10, 2019 | 05:15 EDT
Goldman Sachs analyst Joe Ritchie upgraded ITT to Buy from Neutral with a price target of $81, up from $70. The company has a "differentiated, idiosyncratic growth story" with margin opportunity across each of its segments, Ritchie tells investors in a research note. Even with the stock's outperformance year-to-date, the risk/reward is still skewed positively given the company's "under-earning potential," contends the analyst. In the near-term, he believes ITT's Motion Tech (growth will accelerate as China approaches a cyclical bottom.