Zacks Investment Research downgraded shares of ITT Corp. (ITT) from OUTPERFORM to NEUTRAL on October 17, 2014, with a target price of $41.00.
ITT Corporation is a global multi-industry leader in high-technology engineering and manufacturing. We are downgrading our recommendation to Neutral from Outperform with a target price of $41. The company reported strong second-quarter 2014 results with growth across both top and bottom lines. The company has been benefiting from improvement in productivity by a diligent operational execution. In addition, ITT continues to benefit from ongoing restructuring initiatives. The strength in its Motion Technologies segment is also a positive. Furthermore, ITT increased both revenue and earnings guidance for fiscal 2014. However, persistent weak demand in the defense and connectors markets can prove to be a headwind for ITT, going forward.
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