ITC Holdings Corp. Receives Overweight Rating from Morgan Stanley (ITC)
ITC Holdings Corp. (NYSE:ITC)‘s stock had its “overweight” rating reaffirmed by research analysts at Morgan Stanley in a report released on Wednesday, Analyst Ratings Network reports. They currently have a $44.00 price objective on the stock. Morgan Stanley’s target price would indicate a potential upside of 16.68% from the company’s current price.
The analysts wrote, “Upside to growth was surprising, which could be as high as 16% per year. We expected ITC’s prior growth estimate of 15-17% to decline meaningfully in the upcoming years as its system matured, and were surprised by the company’s strong case to maintain elevated growth (3-4x utility peers) through 2018. ITC outlined baseline growth of 11-13%, with potential upside from $250mil in likely buybacks through 2015 and the ability to either invest ~$1.5bil or buyback stock of $1.0bil (inclusive of the $250mil) through 2018. “We view this growth upside as achievable, and believe execution risk is minimal given the mix of buybacks and development projects which could boost growth by 200-300bps. Therefore, we are increasing our long-term growth forecast, raising our price target to $44 to reflect a higher premium, and reiterating our OW rating given an implied total return of +20%.”
ITC has been the subject of a number of other recent research reports. Analysts at UBS AG raised their price target on shares of ITC Holdings Corp. from $38.00 to $40.00 in a research note on Friday, March 21st. Separately, analysts at Wunderlich raised their price target on shares of ITC Holdings Corp. from $38.00 to $41.00 in a research note on Thursday, March 20th. They now have a “buy” rating on the stock. Finally, analysts at Credit Suisse initiated coverage on shares of ITC Holdings Corp. in a research note on Monday, March 10th. They set a “neutral” rating on the stock. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ITC Holdings Corp. currently has an average rating of “Buy” and an average price target of $57.25.
ITC Holdings Corp. (NYSE:ITC) traded up 1.37% on Wednesday, hitting $37.73. The stock had a trading volume of 183,434 shares. ITC Holdings Corp. has a 1-year low of $28.24 and a 1-year high of $37.41. The stock has a 50-day moving average of $36.0 and a 200-day moving average of $33.29. The company has a market cap of $5.890 billion and a P/E ratio of 25.27.
ITC Holdings Corp. (NYSE:ITC) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.04. The company had revenue of $255.36 million for the quarter, compared to the consensus estimate of $265.79 million. During the same quarter in the previous year, the company posted $1.09 earnings per share. The company’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, analysts predict that ITC Holdings Corp. will post $1.87 earnings per share for the current fiscal year.
ITC Holdings Corp. (NYSE:ITC) is engaged in the electric transmission operations of its Regulated Operating Subsidiaries.
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