12:55 AM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target to $145 from $135, valuing shares at 21.5x our 2025 EPS forecast of $6.73 (up $0.02; 2024 EPS kept at $5.85). ITT posted Q1 operating EPS of $1.42 (up 14% Y/Y), $0.06 above consensus. ITT's Q1 sales rose 14% over the prior year (up 9% organically) as each of ITT's business segments logged healthy organic growth on both volume and pricing tailwinds. Industrial Process (37% of Q1 sales) was a standout, up 13% Y/Y due to strong growth in pump projects and OE pump shipments. We are encouraged by signs of easing headwinds related to destocking activity within ITT's industrial connector and friction aftermarket businesses, which we see lending to organic growth towards the high end of guidance (4-7% for 2024), in our view. We're positive on ITT's momentum in new orders during Q1, with record bookings for aerospace and defense components supporting order growth of 7% (organically) Y/Y.