UPDATE: Credit Suisse Reiterates Neutral RAting, Raises PT on Illinois Tool Works

In a report published Wednesday, Credit Suisse reiterated its Neutral rating on Illinois Tool Works

, and raised its price target from $57.00 to $60.00. Credit Suisse noted, “ITW's stock outperformed its peers on a good earnings print and relatively unchanged 2012 outlook despite the tougher macro. While revs were slighter lighter than guidance and below the street by $74M, op margins of 16.9% (up 130 bps) led ITW to beat the street by $0.03 (exc the divestiture gain). With regard to outlook, ITW reduced 2012 EPS only one penny at the midpoint, reflecting softer than expected Int'l markets (Europe and China) despite solid growth in NA. Last, ITW is on track with its strategic initiatives which we expect to hear more about at the analyst day on December 14th. We adjust our FY2012-2014 EPS estimates to $4.10, $4.48 and $4.90 (from $4.11/$4.45/$4.85). Our new TP of $60 (from $57) is 13.5x our 2014 estimate, discounted back. We reiterate our Neutral rating.” Illinois Tool Works closed on Tuesday at $60.73.