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Fly News Breaks for December 17, 2019
ITT
Dec 17, 2019 | 09:45 EDT
BofA/Merrill analyst Andrew Obin downgraded ITT to Neutral from Buy with a price target of $80, up from $75. In a research note to investors, Obin says he thinks current valuation already reflects the company's strong execution. The analyst says he thinks 2020 margins have tailwinds despite the company's exposure to autos and oil and gas, and contends that the company's productivity gains, restructuring efforts, and Mexican Motion Technologies facility should continue to drive margin expansion.