UPDATE: Citi Lowers PT on ITT Corporation from $66 to $57

Citi has published a report on ITT Corporation ITT reviewing second quarter results and lowering the price target from $66 to $57. In the report, Citi wrote, "There were two primary hurdles for ITT this quarter and it cleared them both comfortably. It needed to deliver at least inline operating results and to provide a reassuring update on the break-up plans. Importantly, there were no signs of any loss of focus on the core operations, with 2Q11 core revenues, margins and cash flow all at or above expectations and 2011 $4.70-$4.82 guidance reaffirmed. The ongoing risk is that the businesses might be distracted by the Herculean tasks associated with the three-way split, still on track for year-end. Both initial metrics for the $500 mil break-up costs and 10% increase (diseconomies) in combined corporate expense were reaffirmed." Citi rated ITT Corporation a HOLD with a price target lowered from $66.00 to $57.00. ITT Corporation closed Friday at $53.34.