UPDATE: Barrington Research Reiterates Outperform Rating, Raises PT on Illinois Tool Works
In a report published Friday, Barrington Research reiterated its Outperform rating on Illinois Tool Works (NYSE: ITW), and raised its price target from $66.00 to $70.00.
Barrington noted, “We maintain our OUTPERFORM rating prior to ITW's long awaited 2012 NYC Analyst Day. Since 2011, ITW's management has been discussing an internal improvement plan with three long-term initiatives. Discussions so far have been qualitative regarding three buckets of potential improvement: procurement, larger manufacturing locations or ‘scaling up' and divestitures. During the NYC Analyst meeting, we expect to get quantitative data that should help demonstrate 2013-2015 earnings growth in a low growth world. Recent industrial trends are likely persisting into Q4/12 including International sales weakness, especially in Europe, offset by modest North American growth.”
Illinois Tool Works closed on Thursday at $61.47.
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