UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Illinois Tool Works
In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Illinois Tool Works (NYSE: ITW), and raised its price target from $62.00 to $66.00.
BMO Capital Markets noted, “ITW reported adjusted 3Q12 EPS of $1.09 versus our estimate $1.05 and consensus of $1.06. While revenue was just below flat YoY, margins improved by approximately 130 bp to 16.9%, which helped boost EPS to the high end of guidance of $1.03-$1.11. Updated 2012 guidance, which includes the $0.03 impact from divestitures in 3Q, assumes two months of lost contribution from the sale of a 51% stake in the Decorative Surfaces business, and excludes gains/losses related to the transaction, is for EPS to be in the range of $4.06-$4.14 on revenue growth of flat to up 1%. 4Q guidance is for EPS of $0.86-$0.94 on revenue declines of 1%-4%.”
Illinois Tool Works closed on Tuesday at $60.73.
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