UPDATE: J.P. Morgan Upgrades Illinois Tool Works; Raises PT

According to a research report published this morning, J.P. Morgan has upgraded Illinois Tool Works ITW from Neutral to Overweight, and raises PT from $56 to $66. In the report, J.P. Morgan explained, "We are upgrading ITW from Neutral to Overweight based on our discussions with management at our recently hosted meetings; we met with Scott Santi, Vice Chairman, and John Brooklier, VP of Investor Relations. The meeting was focused on ITW's renewed effort to take the company to the next level of performance without losing any of the differentiated management practices and culture that have made the company a success to this point. Our sense is that the recent activist involvement has spurred management to more closely review its current portfolio as well as some of its decentralized practices with a greater sense of urgency (portfolio review was already underway)." Illinois Tool Works closed yesterday at $55.75.