ITT price target raised to $124 from $107 at Baird

Baird analyst Michael Halloran raised the firm’s price target on ITT to $124 from $107 and keeps an Outperform rating on the shares. The firm said demand continues to be healthy/resilient evidenced by positive orders and rising backlog given ITT’s directionally favorable exposures/end market outperformance drivers. Execution remains impressive, particularly IP margins, with further margin expansion levers ahead.