ITT price target raised to $167 from $157 at Stifel

Stifel raised the firm’s price target on ITT to $167 from $157 and keeps a Buy rating on the shares while previewing the Q3 results. In the short term, there are a number of factors the firm will be paying attention to related to industrial demand, with the firm telling investors in a research note that recent proprietary channel check surveys indicate a relatively stable outlook from distribution partners for domestic demand with inflation, interest rates, and the U.S. elections continuing to weigh on customer sentiment. Deflationary pressures, primarily from steel for the firm’s coverage, have the potential to negatively impact revenue but positively impact margins and income, Stifel says.