ITC Holdings "equal weight," target price raised - update

05/01/08 - Lehman Brothers

NEW YORK, May 1 (newratings.com) - Analyst Daniel Ford of Lehman Brothers reiterates his "equal weight" rating on ITC Holdings Corp (ITC). The target price has been raised from $61 to $63.

In a research note published this morning, the analyst mentions that the company has posted its 1Q08 EPS ahead of the estimates and the consensus. ITC Holdings’ revenues in the quarter rose by $40.6 million on a y/y basis mainly due to the robust revenue performance of the ITC Midwest business, the analyst adds.