ITT price target raised to $155 from $140 at DA Davidson

DA Davidson analyst Matt Summerville raised the firm’s price target on ITT to $155 from $140 and keeps a Buy rating on the shares. The firm’s recent investor meetings with ITT’s CFO and Investor Relations have left it “quite convinced” that the company’s combination of market share and price capture, a plethora of organic initiatives/opportunities, ongoing lean/operational excellence implementation, and inorganic optionality leave its estimates strongly biased upwards, the analyst tells investors in a research note. ITT’s end market trends also remain “highly favorable-to-improving”, with Motion Technologies Friction and Connectors outperforming expectations so far in FY24, the firm added.