Gabelli Lowers PMV on ITT to $91

Gabelli is out with its report today on ITT ITT, lowering its PMV from $94 to $91. In a note to clients, Gabelli writes, "Primarily based on debt levels higher than anticipated, we lowered our PMV per share for ITT to $91 per share, from $94 p.s. previously. The PMVs for the water, defense and ITT cos. are $36, $38 and $17 p.s., respectively. We continue to recommend the stock." Shares of ITT closed Monday at $57.70.