Morgan Stanley Reiterates Underweight Rating, $60 PT on Illinois Tool Works

In a report published Monday, Morgan Stanley reiterated its Underweight rating and $60.00 price target on Illinois Tool Works

. Morgan Stanley noted, “In our view, ITW is taking exactly the right course of action, but we continue to believe the stock will not sustain a premium multiple, until there is clear evidence it can generate superior core growth and operating leverage – a 2014 story, at the earliest, in our view. Remain UW.” Illinois Tool Works closed on Friday at $59.82.