UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Illinois Tool Works

In a report published Monday, Jefferies & Company reiterated its Buy rating on Illinois Tool Works ITW, and raised its price target from $60.00 to $70.00. Jefferies noted, “We see more downside than upside risk in 3Q machinery earnings, and despite modest expectations we still recommend a defensive short term stance. We are lowering many of our estimates for 2013 and 2014. We see earnings and forecast risk at CAT, ETN and KMT, while AGCO and IR and TWI top our list of more defensive names. Longer term, we still see significant pent up demand in most industrial end markets when macro concerns fade.” Illinois Tool Works closed on Friday at $58.55.