ITT price target raised to $105 from $95 at DA Davidson

DA Davidson analyst Matt Summerville raised the firm’s price target on ITT to $105 from $95 and keeps a Buy rating on the shares after its Q4 earnings beat. The analyst is cutting the firm’s FY23 EPS view on the stock by 18c to $4.87 due to a weaker organic growth and margin outlook for the medium term, but also sees its incoming order rates remaining strong, with book-to-bill ratio sustained at 1.04 or better for eight consecutive quarters. The firm further notes that the short-cycle softening in general industrial-facing markets is more than offset by strong project activity, share gains, aero recovery, and improving defense demand.