ITT price target raised to $113 from $106 at Stifel

Stifel analyst Nathan Jones raised the firm’s price target on ITT to $113 from $106 and keeps a Buy rating on the shares. While there was weakness early in the quarter, the firm expects Q2 results to be generally positive with an upside bias as supply chains improve, the analyst tells investors. In the short term, softening demand could coincide with supply chain improvements, which would make order rates look worse, but backlogs should buffer results, the firm says. Stifel sees a much better fundamental demand outlook over the next 5-10 years than over the last decade.