Market Overview

UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Illinois Tool Works

Related ITW
Will The Rest Of The World Drag Down The U.S. Economy?
Illinois Tool Works Analyst Roundup Following Investor Meeting

In a report published Wednesday, Citigroup reiterated its Neutral rating on Illinois Tool Works (NYSE: ITW), and raised its price target from $55.00 to $60.00.

Citigroup noted, “We are increasing our target price from $55 to $60 to reflect our shift in our sector valuation and a slightly higher target relative multiple. We continue to assume the large-cap MI-EE group should trade for 14.0x EPS, but are now applying this to our 2013 EPS estimates instead of the blend of 2012/2013 that we used previously. Our ITW target now assumes the shares trade for a 5% discount to the target group multiple, near the midpoint of its (15%) to 10% historical relative range, and up slightly from the 10% discount we used previously.”

Illinois Tool Works closed on Tuesday at $58.92.

Latest Ratings for ITW

DateFirmActionFromTo
Dec 2014Global HunterUpgradesAccumulateBuy
Dec 2014Stifel NicolausMaintainsBuy
Dec 2014BarclaysMaintainsEqual-weight

View More Analyst Ratings for ITW
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

Related Articles (ITW)

Around the Web, We're Loving...

Get Benzinga's Newsletters