Solid Print, but Somewhat Muted Guide Causes Us to Maintain Our ITT Valuation of $101

We see no reason to change our $101 fair value estimate following narrow-moat-rated ITT's fourth-quarter results. ITT’s print exceeded our expectations, even as the guide came in a bit below what we were penciling in given lower adjusted segment operating margins. ITT’s consolidated revenue of $775 million was better than what were hoping to see ($750 million estimated), and rose 13% year on year, or over 17% organically.