ITT price target raised to $105 from $97 at BofA

BofA analyst Andrew Obin raised the firm’s price target on ITT to $105 from $97 and keeps a Neutral rating on the shares, citing peer re-rating for the target change. After industrial distributors Fastenal (FAST) and MSC Industrial Supply (MSM) both recently reported calendar year Q2 earnings, BofA noted that both companies’ conference calls reflected a broader industrial slowdown. “Manufacturing activity is not collapsing, but slowdown data points continue to grow,” added the analyst, who sees this as “bad for short cycle names.”