ITT price target raised to $160 from $150 at KeyBanc

KeyBanc raised the firm’s price target on ITT (ITT) to $160 from $150 and keeps an Overweight rating on the shares following quarterly results. With ITT’s Q1’s results well-telegraphed, the firm walked away from the print encouraged by record orders and true-to-form execution across the businesses. KeyBanc thinks a clean balance sheet, M&A optionality, and ample organic growth levers should help cut through the noise of a more uncertain global industrial demand backdrop and be supportive of earnings upside and multiple expansion over time.