Market Overview

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

Related ITW
Fast Money Halftime Report Final Trade From November 17: GoPro, J.M. Smucker, Illinois Tool Works
Deutsche Bank Says Illinois Tool Works Could Become The Next 3M

In a report published Monday, Jefferies & Company reiterated its Buy rating on Illinois Tool Works (NYSE: 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.

Latest Ratings for ITW

DateFirmActionFromTo
Oct 2014BarclaysMaintainsEqual-weight
Aug 2014ISI GroupUpgradesNeutralBuy
Jul 2014Credit SuisseMaintainsNeutral

View More Analyst Ratings for ITW
View the Latest Analyst Ratings

Posted-In: Jefferies & CompanyAnalyst Color Price Target Analyst Ratings

 

Related Articles (ITW)

Around the Web, We're Loving...

Get Benzinga's Newsletters