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 (NYSE: ITW).
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.