$ITG

ITG's Secular Growth Story Intact After Q2, Morgan Stanley Says

ITG's (ITG) secular growth story remains intact following solid Q2 results, with initial guidance coming in ahead of expectations, Morgan Stanley said in a Monday note.The note said the negative initial market reaction to the results was disproportionate to the downside given its smaller ticket size focus and bolt-on M&A strategy that should cut execution risk.The report said organic growth is expected to step-up in H2 driven by the lack of some cold weather and permitting delays."We see the drawdown in shares following the ~5% beat as an attractive buying opportunity," the note said.It said the growth story that was outlined in its recent initiation report is still intact, including fiber deployment commitments and some 38% year-over-year total backlog growth.Morgan Stanley kept its overweight rating while lowering its price target to $18 from $19 to mark to markets for the recent de-rating in communication E&C peers.Price: $13.13, Change: $+0.16, Percent Change: +1.23%

ITG Poised to Benefit From Broadband Buildout, BofA Says

ITG (ITG) is well positioned to benefit from rising demand for broadband infrastructure upgrades as communication networks require increased connectivity and speed, BofA Securities said Monday in a report initiating coverage of the company.Favorable industry trends are supported by network operators increasingly outsourcing labor and expenses to specialized service providers, BofA said. ITG's backlog and recurring project base ae underpinned by aster service agreements that provide predictability around into costs and contract terms, the report said.ITG's repeatable service and maintenance work helps limit project risk, while broadband investment and infrastructure expansion create opportunities for long-term growth, the report said.Although ITG operates at a smaller scale and has less exposure to fiber work than larger public peers, the company can still outpace them over time through roll-up acquisitions and should maintain steady revenue on existing contracts, the report said.BofA has a buy rating on ITG stock and a $16 price objective.Price: $13.34, Change: $-0.13, Percent Change: -0.93%

BofA Securities Initiates Coverage on ITG With Buy Rating, $16 Price Target

ITG, Inc. (ITG) has an average rating of Buy and mean price target of $17.33, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

KeyBanc Initiates Coverage on ITG With Overweight Rating, $17 Price Target

ITG (ITG) has an average rating of Buy and mean price target of $17.33, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Stifel Nicolaus Initiates Coverage on ITG With Buy Rating, $16 Price Target

ITG, Inc. (ITG) has an average rating of Buy and mean price target of $17.33, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Truist Initiates ITG at Buy With $16 Price Target

Morgan Stanley Initiates ITG at Overweight With $19 Price Target

ITG Shares Rise in Nasdaq Trading Debut

ITG (ITG) shares rose more than 8% in their Nasdaq trading debut on Wednesday after the digital infrastructure company priced its initial public offering of about 19.5 million shares at $16 apiece to raise net proceeds of $279.2 million.The stock opened at $18 and rose as high as $19.26 on volume of about 1.7 million shares by early afternoon. The IPO is expected to close on ThursdayThe company granted underwriters a 30-day overallotment option to buy up to an additional 2.9 million common shares.Price: $17.47, Change: $+1.47, Percent Change: +9.19%