Zacks Investment Research upgraded shares of ITT Corp. (ITT) from NEUTRAL to OUTPERFORM on July 28, 2014, with a target price of $58.00.
ITT Corporation is a global multi-industry leader in high-technology engineering and manufacturing. We are upgrading our recommendation to Outperform from Neutral with a target price of $58. The company has been benefiting from improvement in productivity by a diligent operational execution. This apart, ITT continues to benefit from the ongoing restructuring initiatives. The strength in its Motion Technologies segment is also a positive. Further, the company had reported strong first-quarter 2014 results with growth across both top and bottom lines. Recently, the company received a contract from Statoil to provide custom engineered dampeners for its unit.
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