BofA upgraded ITT to Buy from Neutral with a price target of $125, up from $105. The analyst cites the company’s “resilient” end market exposures, “differentiated” auto exposure, and “underappreciated” margin expansion opportunities for the upgrade. ITT reported some of the best Q3 orders in the group and its backlog coverage provides “strong visibility” into 2024 growth, the analyst tells investors in a research note. The firm views the stock’s valuation as “undemanding” at current levels.
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